Estate and Trust Administration For Dummies
Easy-to-follow guidance on 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 large or small, offering solid advice on reading and interpreting documents, and helping anyone involved in an estate or trust avoid paying too much, or too little, tax and other administrative expenses. It also shows you how to take care of a loved one's estate in the event he or she never created a will or other estate planning documents.Understand and follow the rules — administer estates and trusts to ensure a smooth transfer of property and orderly management of fiduciary affairsAssemble a team — choose the legal and financial experts, and know when to use themNavigate the probate process — move efficiently through each step, whether your decedent had many assets or just a fewIdentify and liquidate estate assets — whether owned outright, jointly, or in a trustSettle debts and pay bequests — from paying funeral expenses and administration costs to segregating and distributing named propertyOperate a revocable or irrevocable trust — understand a trustee's duties, responsibilities, and limitationsMake sound trust investment decisions — diversify holdings and meet beneficiary needsComply with income and estate tax regulations — from the decedent's final Form 1040, through the estate's Form 706, and the estate and trust's Form 1041Open the book and find:An overview of executors' and trustees' dutiesReviews of the probate process and estate taxesTips on finding and managing professional helpAdvice on notifying insurers of a deathSteps for closing an estateRules for establishing and funding a trustEssentials on estate and trust record keepingFundamentals of preparing federal estate tax and estate and trust income tax returns