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Library | Item Barcode | Call Number | Material Type | Item Category 1 | Status |
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Searching... | 30000010251657 | KF730.Z9 S53 2011 | Open Access Book | Book | Searching... |
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Summary
Summary
One of the most critical decisions a person must make when crafting a will or establishing a trust is whom to name as executor or trustee. Being chosen for these important jobs is an honor, and you must know how to perform the tasks correctly. With the help of this book you will understand the complex process of carrying out a person's final wishes. This book will provide insight whether you are a lawyer, accountant, financial consultant, spouse, adult child, relative, or friend; the simple, easy to understand language makes this book accessible to everyone. You will become familiar with many estate and trust management terms, such as beneficiary, probate, remaindermen, trust agreement, trust property, trustor, and trustee. In addition, you will learn the many duties and responsibilities of an executor, including the disbursement of property to the beneficiaries, collecting and arranging for the payment of debts, approving and disproving creditors claims, calculating taxes, filing forms, assisting the estate attorney, acting as the representative of the estate, inventorying and appraising the assets, and acting in the best interests of the deceased. After reading this book, you will know how to initiate probate; how to preserve the value of the estate; how to notify beneficiaries; how to send notices to the post office, banks, utilities, and credit card companies; how to file for Social Security, civil service, and veteran benefits; how to file tax returns; and how to file state death and federal estate tax returns. As executor, you will be responsible for settling the deceased person's estate and as trustee, you will be responsible for holding and administering the trust assets in the best interests of the trust's beneficiaries. Using this book as a guide, you can be assured that you will be prepared to properly perform the necessary duties entrusted to you.
Author Notes
Not Available
Table of Contents
Foreword | p. 13 |
Introduction | p. 17 |
Chapter 1 The Role of Personal Representative/Trustee | p. 23 |
Handling the Estate | p. 23 |
Standards and Decision-Making | p. 28 |
The Probate Process | p. 34 |
Fees | p. 39 |
Chapter 2 The Personal Representative | p. 45 |
The Selection | p. 45 |
Competence and Experience | p. 49 |
Running a Deceased Person's Business | p. 52 |
Do You Want to Be a Personal Representative? | p. 55 |
Chapter 3 The Trustee | p. 57 |
What is a Trust? | p. 57 |
Benefits of a Trust | p. 63 |
How is a Trustee Selected? | p. 68 |
Chapter 4 The Emotional Side | p. 75 |
The Grieving Process | p. 75 |
Thinking and Decisions Are Affected | p. 80 |
Conflicts About Disbursements | p. 82 |
Chapter 5 The Estate Dream Team | p. 85 |
Attorneys | p. 85 |
Insurance Agents | p. 87 |
Financial Advisers | p. 89 |
Accountants | p. 92 |
Professional Appraisers | p. 93 |
Real Estate Agents | p. 94 |
Banks or Trust Companies | p. 94 |
Co-Personal Representatives | p. 95 |
Guardians | p. 97 |
The Family of the Deceased Person | p. 97 |
Chapter 6 Preparing for a Death | p. 99 |
Power of Attorney, Important Documents | p. 100 |
Adding Value to the Estate | p. 102 |
Avoiding Probate and Other Actions to Take | p. 104 |
Chapter 7 Preparations After Death | p. 107 |
Immediate Concerns | p. 107 |
A Valid Will | p. 110 |
Preparing the Will for Probate | p. 111 |
Chapter 8 Probate | p. 115 |
Probate Process | p. 116 |
Select and Meet the Attorney | p. 120 |
Initial Steps | p. 123 |
Other Probate Factors | p. 124 |
Chapter 9 Administering the Estate | p. 127 |
How to Handle Funds | p. 127 |
Preparing Inventory | p. 131 |
Tangible and Intangible Property | p. 132 |
Chapter 10 Tax Considerations | p. 135 |
Deceased Person's Income-Tax Return | p. 135 |
Estate Taxes | p. 138 |
Request for Discharge from Personal Liability | p. 143 |
Insolvent Estate | p. 143 |
Estate Income Taxes | p. 145 |
Charitable Contributions | p. 147 |
Administration Expenses | p. 147 |
Funeral and Medical Expenses | p. 148 |
Tax Payments | p. 148 |
Gift Taxes | p. 148 |
Chapter 11 Final Filing Requirements | p. 155 |
Final Return for Deceased Person | p. 156 |
Other Tax Information | p. 161 |
Chapter 12 The Trust Instrument | p. 163 |
Review the Trust Document | p. 163 |
Transfer of Assets | p. 166 |
Compensation | p. 172 |
Chapter 13 Administering Trusts | p. 175 |
What to Do First | p. 175 |
Distributing Assets | p. 179 |
Trustee as a Business | p. 182 |
Managing Real Estate and Business | p. 185 |
Chapter 14 Trust Investing | p. 197 |
Investment Policy Statement | p. 197 |
Managing Investments | p. 202 |
Which Investments? | p. 206 |
Chapter 15 Termination of a Trustee's Responsibilities | p. 217 |
When a Trustee is Relieved of Duties | p. 217 |
The Trustee's Responsibilities | p. 221 |
Tax Consequences and Accounting | p. 222 |
Chapter 16 A Sampling of Trusts | p. 227 |
Revocable and Irrevocable Trusts | p. 227 |
Irrevocable Life Insurance Trusts | p. 231 |
Testamentary Trusts | p. 232 |
Marital Deduction Trusts | p. 232 |
Children's Trusts | p. 234 |
Special Needs Trust | p. 234 |
Charitable Remainder Trusts | p. 235 |
Asset Protection Trust | p. 237 |
Constructive Trust | p. 238 |
Spendthrift Trust | p. 238 |
Tax Bypass Trust | p. 238 |
Totten Trust | p. 239 |
Conclusion | p. 241 |
Appendix A Sample Forms | p. 243 |
Glossary | p. 273 |
Bibliography | p. 281 |
Author Biography | p. 283 |
Index | p. 285 |