An important duty of a trustee is to identify the trust assets. Doing so is not always as easy as it may seem at first.
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During a probate administration, notice must be provided to creditors. After the notice is sent, creditors have a limited period of time to file a claim.
While a will and a trust are both useful estate planning tools, they are not the same thing. During administration it is important to understand the difference.
Some beneficiaries assume their trustees obligations extend beyond the scope of what they actually cover. Just as it is important that trustees know their responsibilities, beneficiaries should also make an effort to understand what duties a trustee does not owe.
Estate administration responsibilities may arise if a loved one is unable to care for himself or manage his finances. You will need to be appointed probate conservator.
In order to save on potential estate taxes after death trustees must learn the ins and outs of crummey trust administration. The administration of a trust does not always begin after your death or incapacity. As a trustee, your Crummey trust responsibilities begin much earlier.
Estate administrators have many responsibilities. One such responsibility is to clearly understand the rules for filing estate tax returns.
Serving as a trustee of your loved one’s trust may feel overwhelming for those who have never administered a trust in the past. . This is especially true when multiple trustees are serving simultaneously therefore it is important to understand some co-trustee rules first.
A trust’s no-contest clause is not triggered by a challenge to handwritten notes on the face of the trust
Estate tax repeal may require surviving spouses to sue their own trusts to get their rightful share of their own property