Trust Administration

If you have a living trust and have properly retitled your assets, you should be able to avoid probate upon your death. Your estate still needs to be distributed, however, and your debts paid. That process is known as trust administration. During trust administration, your successor trustee, along with an attorney, accountant, or both, help determine the property you owned at death; determine what your debts are and how to pay them; determine the estate and other taxes owed by the estate; and help distribute all property to the beneficiaries you have named in your living trust. Depending on the size of the estate, an estate tax return may need to be filed. The return is due nine (9) months after death. estateplanning1

Jerry specializes in the initiation and administration of the trust and/or estate upon death, which includes:

  • Identification of assets and how they are owned (i.e. owned solely, or owned in a trust).
  • Identification of debts and tax liabilities and settlement of those debts and liabilities in accordance with state laws.
  • Preparing and sending the required statutory notices.
  • Communicating with the accountant regarding the decedent's state and federal final income tax returns.
  • Communicating with the accountant in preparation of state and federal tax returns for a trust.
  • Guiding the trustee on how best to distribute the estate assets to attain family harmony, minimize disputes and minimize taxes.