How to Plan for Final Expenses when Terminating a Trust
When terminating a trust, you need to put money aside to pay final taxes and fees. The trust income needs to be reduced by any expenses accrued as of the termination date. If you decide to pay the income [more…]
How to Inform Beneficiaries of the Right to Disclaim
Beneficiaries may elect to disclaim, or refuse, an interest in the decedent’s estate that they don’t want to accept. Often beneficiaries exercise their right to disclaim for tax reasons. With some disclaimers [more…]
How to Pay the Decedent's Debts and When to Declare Insolvency
Once a decedent’s estate is established, the executor’s next step is to identify and pay the decedent’s debts, administration expenses, and any claims against the estate. Identifying and paying these debts [more…]
When to File a Last Will with a Probate Court
As an estate administrator, you assume responsibility for the decedent’s will. You also decide whether probate court administration of the decedent’s assets is necessary. [more…]
How to Find the Estate Planning Documents
Locating estate planning documents is one of the estate administrator’s most important tasks. The decedent’s will, trust agreements and amendments, letters of intent, and any documentation on assets with [more…]
How Death Changes the Decedent’s Assets
Upon death, any assets owned by only by the decedent are frozen, or inaccessible, until an executor of his or her estate is named. Exceptions can be made if an estate is in urgent need of funds before [more…]
How to Handle the Death Certificate of the Estate’s Decedent
A death certificate is an essential document for an estate administrator. Without proof that the decedent actually died, most of the tasks of an administrator would be impossible. But be aware that this [more…]
How to Handle Organ Donation and Autopsy Decisions when Someone Dies
After someone dies, decisions about organ donation and autopsies require immediate attention. The family or executor of the estate must determine whether the decedent has already decided to make an anatomical [more…]
Things to Remember When You're Writing Your Will
Basically, probate is the method by which your estate is legally transferred after you die. When planning your estate and writing your will, keep these tips in mind to help the probate process run smoothly [more…]
Estate-Related Taxes You Need to Know About
Depending on the value of your estate, you may not have to deal with at least some of the federal taxes, but you or your surviving beneficiaries may have a substantial amount of tax-related paperwork to [more…]
Factoring Insurance into Your Estate Plan
Insurance is vital for estate planning: It helps protect your current property, things you hope to attain in the future, and the gifts you hope to leave behind. Take a look at how insurance affects your [more…]
Setting Up a Trust in Your Estate Plan
Trusts can be a great help in your estate planning — they can protect your property, save on estate taxes, and help you avoid probate. Sounds great, right? Well, before seriously considering a trust, you [more…]
Estate Planning for Special Situations
Even the most orderly estate plans can fall victim to some unforeseen event. To put together a thorough estate plan, take a look at situations that may occur and find out the necessary information for [more…]
Estate Planning For Dummies Cheat Sheet
An estate plan protects your family and finances after you die. Your first step in estate planning is to write a comprehensive will that moves smoothly through the probate process. Make sure you're aware [more…]
How to Arrange the Decedent's Funeral as Estate Executor
As executor of an estate, you may need to arrange the decedent's funeral. From the time of the person's death, you may make sensitive decisions about arranging the funeral and choosing a cemetery. Take [more…]
Protect Your Relationship with LGBT Wills, Trusts, and Deeds
A good estate plan allows you to arrange, in advance, for the easy and uncomplicated transfer of your property to your family of choice after your death. To make an estate plan that functions to protect [more…]
DIY or Not: Wills and Estate Planning
When it comes to the people you love, you’d do almost anything to ensure they’re taken care of.
Even fill out forms.
And if you have loved ones, there are a few crucial financial forms you will need to fill [more…]
Estate Settlement with or without a Will
Estates that have a valid will are classified and treated differently than estates without a valid will. If an estate has a will, you must file a petition with the probate court to have the will admitted [more…]
How Marital Trusts Work
Most marriage-oriented trusts postpone payment of estate taxes until both spouses in a marriage have died. A marital deduction trust allows you to put property in trust with your spouse as the beneficiary [more…]
How to Hire an Investment Advisor for Your Estate or Trust
Very often, executors, administrators, and trustees are thrust into situations for which they have no preparation and no experience. You may find yourself in this category as your attempt, for example, [more…]
How to Protect a Trust’s Assets
Among the myriad of duties you assume as trustee is a duty to protect the trust assets. In today’s financial world, protecting the assets most likely doesn’t mean hanging on to those assets with which [more…]
Revocable versus Irrevocable Trusts
Estate planning often involves setting up revocable or irrevocable trusts. Each one of those trusts begins with an intervivos trust — a trust you set up that goes into effect while you're still alive. [more…]
Tax Forms to Know as the Fiduciary of an Estate or Trust
When you’re administering an estate or trust, you may have to prepare a seemingly endless array of tax returns. The following table lists some of the most popular ones. Check with your accountant or attorney [more…]
What to Do When Someone Dies
If you’re an executor, personal representative, or administrator of an estate, your job begins at the death of the person whose estate you’re administering. The following list contains tasks you need to [more…]
Estate & Trust Administration For Dummies Cheat Sheet
As the fiduciary of an estate or trust, you have many duties, beginning immediately upon the decedent’s (deceased person’s) passing. You’re also guaranteed to become intimately familiar with a host of [more…]
