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Index
Title Page
Contents
Top 10 Things Every Executor and Trustee Should Know
Introduction
Chapter 1: Serving as an Executor and/or Trustee
Someone Must Be in Charge of a Decedent’s Affairs after Death
The Job of Being an Executor (Personal Representative)
What Is a Trust?
Revocable Living Trusts That Terminate at Death
Trusts That Continue after Death
The Nature of Irrevocable Trusts
What Is a Fiduciary?
Chapter 2: The Fiduciary Standards That Apply to Executors and Trustees
Where Does Your Power and Authority Come From?
Standards of Conduct
How to Deal with Conflicts of Interest
Keeping Beneficiaries Informed
Serving as Successor, Co-Executor, or Co-Trustee
Limiting Your Liability
Chapter 3: Passing Property and the Estate Settlement Process
How Property Passes at Death
What Does a Will Do?
Who’s Responsible for What?
Assets That Pass under a Will
Digital Assets and Accounts
How Is Probate Handled?
Transferring Assets by Affidavit
Small Estate and Summary Administration
Informal, Unsupervised, or Independent Probate Proceedings
Formal, or Supervised, Probate Proceeding
Chapter 4: Preparing for the Administration of the Estate
Locating the Original Will
Selecting an Attorney for the Estate
What to Cover with the Estate Attorney
Reviewing the Decedent’s Will and Trust
Duties and Responsibilities of Professional Advisers
Determining the Need for Special Administration
Determining If Family and Other Allowances Are Needed
The Surviving Spouse’s Rights
Documents and Information Needed to Settle the Estate
Hiring Professionals, Due Dates, and Other Issues
Meeting with the Family
Chapter 5: Phase One of Administering the Estate
Collecting Estate Assets
Protecting Estate Assets
Preparing an Inventory and Obtaining Appraisals
Managing Estate Assets During the Period of Administration
Estimating the Estate’s Cash Requirements and Raising the Needed Funds
Paying Claims and Administration Expenses
Chapter 6: Administering the Estate: Taxes and More
Who Is Responsible for Filing Tax Returns?
Decedent’s Final Income Tax Returns
Fiduciary Income Tax Returns
Federal Estate Tax Return
Generation-Skipping Transfer Tax (GSTT)
Making Tax and Other Postmortem Planning Elections
Chapter 7: From Maintaining Records to Closing the Estate
Preparing and Maintaining Accounting Records
Distributing Assets to the Beneficiaries
Joint Assets and Contract Property
Personal Effects
Specific Bequests
The Residuary Estate
Preparing a Distribution Schedule
Distributing the Property
Closing the Estate
Chapter 8: Definition of a Trust and the Responsibilities of a Trustee
The Basic Components of a Trust and What They Mean
Standards of Care
The Trustee’s Responsibilities If a Settlor Becomes Incapacitated
Revocable Living Trust That Terminates at Death
Trust That Continues after Death
Chapter 9: Preparing for the Administration of the Trust
Taking the Initial Steps
Establishing a Management Plan
Setting Up the Documents and Records
Tax Considerations and Other Election Choices
Chapter 10: Setting up a Continuing Trust for Administration
Estate Trust
Power of Appointment Trust
Qualified Terminable Interest Property (QTIP) Trust
Qualified Domestic Trust (QDOT)
Credit Shelter Trust
Funding the Trust(s)
Chapter 11: Income Tax Returns and Other Related Issues
Filing the Decedent’s Final Income Tax Returns
Fiduciary Income Tax Returns
What Is a Grantor Trust?
What Is Distributable Net Income (DNI)?
What Are Simple and Complex Trusts?
The Generation-Skipping Tax
Retirement Plans Payable to the Trust
Chapter 12: How to Manage the Trust’s Investments Portfolio
Investment Responsibilities under a Terminating Trust
Investment Responsibilities under a Continuing Trust
What Investment Standards Apply to Trustees?
The Uniform Prudent Investor Act
Modern Portfolio Theory
General Categories of Investments
Minimizing Risk to the Trust’s Portfolio
Setting Up an Investment Process for the Portfolio
Chapter 13: How to Manage Trust Real Estate Assets
Protecting Real Estate Assets
Dealing with Environmental Issues
Basic Maintenance
Managing a Residence
Managing Investment Property
Managing Property Located in Another State
Chapter 14: Managing Businesses and Other Property Interests
Business Interest
Should the Business Be Sold or Retained?
Ongoing Management of the Business
Qualifying a Subchapter S Corporation Held in Trust
Intellectual and Other Property Interests
Chapter 15: Distributing Income and Principal
Under What Circumstances Are Distributions Made from a Trust?
Distribution Guidelines
The Process of Making Discretionary Distributions
Documentation
Making Loans to Beneficiaries
Chapter 16: Expenses, Accounting Records, and Termination of the Trust
The Trustee’s Responsibilities for Keeping Accounting Records
What Can a Trustee Charge for Services?
Preparing and Maintaining Trust Accountings
Accounting Rules for Terminating Trusts
Accounting Rules for Terminating Income Interests
When Does a Trust Terminate?
Terminating a Marital Trust
Should You Distribute in Cash or in Kind?
How to Deliver the Property to the Beneficiaries
Chapter 17: Managing Other Types of Irrevocable Trusts
Children’s Gift Trusts
Irrevocable Life Insurance Trusts
GRITs, GRATs, and GRUTs
Charitable Trusts
Other Types of Trusts
Chapter 18: Do You Need Help?
Deciding If and When You Need Assistance
What Services Can Accountants Provide?
What Services Can Attorneys Provide?
What Services Can Banks or Trust Companies Provide?
What Services Can Investment Firms and Financial Planners Provide?
What Services Can Insurance Agents and Realtors Provide?
How to Select Professional Advisors
Ask the Right Questions
Appendix A: Estate Administration Checklist
Appendix B: Trust Administration Checklist
Appendix C: Glossary
Acknowledgments
Copyright
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