Estate & Trust Administration for Dummies

by Atkins Munro, Margaret; Murphy, Kathryn A.

• ISBN13: 9781118412251
• ISBN10: 1118412257
• Edition: 2nd
• Format: Paperback
• Copyright: 2013-05-28
• Publisher: For Dummies

Summary

Your plain-English guide to administering an estate and/or trust

As more and more of the population reach senior ages—including baby boomers, many of whom do not have wills—an increasing number of people are being thrust into the role of executor, administrator, personal representative of an estate, or trustee of a trust after the death of a loved one. This updated edition of Estate & Trust Administration For Dummiesguides you through the confusing process of administering an estate and/or trust.

Settling an estate and administering a trust can be complicated, messy, and time-consuming for individuals named as executor or trustee, most of whom have no previous experience with such matters. Estate & Trust Administration For Dummies shows you how to make sound decisions for your unique circumstances.

• Guides you through the confusing process of administering an estate and/or trust
• Provides expert advice on unfamiliar estate and trust tax law
• Gives you a practical checklist to follow for all of your estate and trust administration questions and concerns

Whether you're looking for guidance on how to navigate the probate process and estate taxes, settle debts and bequests, fund a trust, comply with tax regulations, or anything in between, this hands-on, friendly guide takes away the mystery and provides detailed answers to all of your estate and trust administration questions.

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 more than 20 years' experience administering estates and trusts and preparing estate and gift tax returns.

Table of Contents

Introduction  1

Part I: Getting Started with Estate and Trust Administration  7

Chapter 1: Operating in a Fiduciary World 9

Chapter 2: Exploring the Ins and Outs of Estates 19

Chapter 3: Identifying Different Types of Trusts 31

Chapter 4: Assembling Your Team Members and Knowing When to Use Them 57

Part II: Administering an Estate  73

Chapter 5: Taking the First Steps after Death 75

Chapter 6: Navigating the Probate Process 91

Chapter 7: Marshalling and Liquidating Assets 109

Chapter 8: Paying the Debts, Expenses, Bequests, and Devises from the Estate 133

Chapter 9: Closing the Estate 147

Part III: Operating a Revocable or Irrevocable Trust  157

Chapter 10: Understanding the Trustee’s Duties 159

Chapter 11: Funding the Trust 171

Chapter 12: Investing the Trust’s Assets and Paying Its Expenses 183

Chapter 13: Paying Trust Beneficiaries 203

Chapter 14: Creating and Keeping Trust Records 217

Chapter 15: Terminating the Trust 231

Part IV: Paying the Taxes  241

Chapter 16: Preparing the Estate Tax Return, Part 1 243

Chapter 17: Preparing the Estate Tax Return, Part 2 263

Chapter 18: Filing Income Tax Returns for a Decedent, Estate, or Trust 287

Chapter 19: Weighing Income Tax Implications 311

Chapter 20: Reporting Tax Info on Schedule K-1 321

Part V: The Part of Tens  333

Chapter 21: Ten Pitfalls for the Unwary 335

Chapter 22: Ten Types of Taxes You May Have to Pay 343

Appendix A: Glossary  349

Appendix B: State-by-State Rules of Intestacy and Estate or Inheritance Tax  359

Index  379