Estate and Trust Administration For Dummies
Learn to:Take the proper steps to navigate estate and trust processesComply with tax regulationsMake sense of unfamiliar estate and trust administration termsYour plain-English guide to administering an estate or trustAdministering an estate or a trust is a big responsibility. This practical, authoritative guide contains advice for handling estates and trusts, whether large or small. It also explains how to read and interpret documents, take care of a loved one's estate in the event he or she never created a will, and help the estate or trust avoid paying too much (or too little) in taxes.Estate and Trust Administration 101— get the lowdown on estate and trust administration lingo; who the players are; and, in the case of trusts, exactly what games are being playedFrom soup to nuts — determine what the decedent owned (and owed), locate the necessary documents, figure out who inherits, shepherd the estate through the probate process, distribute what's left after everyone has been paid, and close the estate for goodThe powers that be — discover what powers you have as trustee, what duties you're expected to perform, how to keep the necessary records, and the best way to terminate the trust after its job is doneA pain in the tax — find a plain-English explanation of preparing a simple estate tax return (Form 706), annual income tax returns for trusts and estates (Form 1041), and the decedent's final Form 1040Open the book and find:The first steps to take after a loved one's deathGuidance on navigating the probate processAdvice on marshaling and liquidating assetsThe duties of trustees and executorsHow to file income tax returns for a decedent, estate, or trustCommon pitfalls to avoidTips on finding and managing professional helpTen common taxes you may have to pay