Decedent

DEFINITION of 'Decedent'

A person who is no longer living. Just as a taxpayer's possessions become his or her estate upon death, so does the person become a Decedent upon death. Decedents still have the power to effect financial transactions and so forth through proper estate planning.

BREAKING DOWN 'Decedent'

This term is used chiefly in the tax, estate planning and law arenas. Attorneys carry out the wishes of Decedents after their death with the proper execution of their wills and other estate planning documents. A final tax return must also be filed for Decendents in the year of their death.

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