Funeral Expenses. An executor does not necessarily take on financial responsibility for the decedentâs funeral arrangements. When he acts in his capacity as executor, he is making financial decisions for the decedentâs estate, and the decedentâs funeral arrangements become a debt of the estate.
By law, income to the trust funds must be invested, on a daily basis, in securities guaranteed as to both principal and interest by the Federal government. All securities held by the trust funds are special issues of the United States Treasury. Such securities are available only to the trust funds.
Types of Governmental Funds (continued) Capital Projects Funds âused to account for financial resources that are used to acquire or construct major general capital assets or facilities. (Chapter 7) Debt Service Funds âused to account for the accumulation of resources for, and the payment of, general long-term debt principal and interest.