Estate and Trust Administration For Dummies

by Atkins Munro, Margaret; Murphy, Kathryn A.

• ISBN13: 9780470286173
• ISBN10: 0470286172
• Edition: 1st
• Format: Paperback
• Copyright: 2008-11-24
• Publisher: For Dummies

Summary

Executing an estate or a trust fund is a big responsibility. Estate & Trust Administration For Dummies contains advice for handling estates and trusts of any size. It offers solid pointers on reading and interpreting a will and other documents, and helping heirs avoid paying too much (or too little). It also shows you how to take care of a loved one's estate in the event that a will or trust was never created.This authoritative, plain-English guide helps you understand and follow the rules that govern estates and trusts, ensure a smooth transfer of property, and manage fiduciary affairs in an orderly manner. You'll get help choosing and assembling a team of professional advisors, settling debts and paying bequests, operating a revocable or irrevocable trust, and making sound trust investment decisions. Discover how to: Understand executors' and trustees' duties Read and interpret important documents Properly execute an estate or trust Handle estates both large and small Get familiar with the probate process and estate taxes Identify different types of trusts Follow the deceased's wishes and the law Notify insurers and employers of a death Follow the steps for closing an estate Establish, fund, and change ownership of a trust Keep proper trust recordsYes, you can do the job and do it well. All you need is a little help from Estate and Trust Administration For Dummies.

Author Biography

Margaret Atkins Munro, EA, is a tax advisor, writer, and lecturer with more than 30 years' experience in trusts, estates, family tax, and small business. Kathryn A. Murphy, Esq., is an attorney with over 20 years' experience administering estates and trusts and preparing estate and gift tax returns.

Table of Contents

Introduction

Discovering the World of Estates and Trusts

Functioning in a Fiduciary World

Estates 101: Exploring the Ins and Outs of Estates

The Lowdown on Trusts: Identifying the Different Types

Assembling Your Team Members and Knowing When to Use Them

Administering an Estate

Taking the First Steps after Death

Navigating the Probate Process

Marshalling and Liquidating Assets

Paying the Debts, Expenses, Bequests, and Devises from the Estate

Closing the Estate

Operating a Revocable or Irrevocable Trust

Understanding the TrusteeÆs Duties

Funding the Trust

Investing the TrustÆs Assets and Paying Its Expenses

Paying Trust Benefi ciaries

Creating and Keeping Trust Records

Terminating the Trust

Paying the Taxes

Preparing the Estate Tax Return, Part 1

Preparing the Estate Tax Return, Part 2

Filing Income Tax Returns for a Decedent, Estate, or Trust

Reporting Tax Info on Schedule K-1

The Part of Tens

Ten Pitfalls for the Unwary

Ten Types of Taxes You May Have to Pay

Glossary

State-by-State Summary of Probate, Estate, or Inheritance Tax, and Rules of Intestacy

Index

Table of Contents provided by Publisher. All Rights Reserved.