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Estate and Trust Administration For Dummies 2nd Edition by Margaret Atkins Munro, Kathryn A Murphy ISBN 1118412257 9781118412251

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Estate and Trust Administration For Dummies 2nd Edition Margaret Atkins Munro Digital Instant Download

Author(s): Margaret Atkins Munro, Kathryn A. Murphy
ISBN(s): 9781118412251, 1118412257
Edition: 2
File Details: PDF, 3.30 MB
Year: 2013
Language: english
SKU: EB-5771890 Category: Tags: ,

Estate and Trust Administration For Dummies 2nd Edition by Margaret Atkins Munro, Kathryn A Murphy – Ebook PDF Instant Download/Delivery: 1118412257, 9781118412251
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ISBN 10: 1118412257
ISBN 13: 9781118412251
Author: Margaret Atkins Munro, Kathryn A Murphy

As more and more of the population reach senior ages—including baby boomers, many of whom do not have wills—an increasing number of people are being thrust into the role of executor, administrator, personal representative of an estate, or trustee of a trust after the death of a loved one. This updated edition of Estate & Trust Administration For Dummiesguides you through the confusing process of administering an estate and/or trust.

Settling an estate and administering a trust can be complicated, messy, and time-consuming for individuals named as executor or trustee, most of whom have no previous experience with such matters. Estate & Trust Administration For Dummies shows you how to make sound decisions for your unique circumstances.

  • Guides you through the confusing process of administering an estate and/or trust
  • Provides expert advice on unfamiliar estate and trust tax law
  • Gives you a practical checklist to follow for all of your estate and trust administration questions and concerns

Whether you’re looking for guidance on how to navigate the probate process and estate taxes, settle debts and bequests, fund a trust, comply with tax regulations, or anything in between, this hands-on, friendly guide takes away the mystery and provides detailed answers to all of your estate and trust administration questions.

Estate and Trust Administration For Dummies 2nd Table of contents:

Chapter 1: Introduction to Estate and Trust Administration

  • What is Estate and Trust Administration?

  • Key Terms and Concepts: Estate, Will, Trust, Executor, Trustee

  • The Roles of the Executor and Trustee

  • The Legal Framework: Probate and Trust Administration

Part I: Getting Started with Estate and Trust Administration

Chapter 2: Understanding the Probate Process

  • What is Probate and Why Does it Matter?

  • The Steps in the Probate Process

  • How to File a Probate Case

  • Dealing with Probate Court: What to Expect

  • Common Probate Challenges and How to Avoid Them

Chapter 3: Understanding Trust Administration

  • What is a Trust?

  • Types of Trusts: Revocable vs. Irrevocable

  • The Trustee’s Role and Responsibilities

  • Trust Administration Procedures

Chapter 4: Inventorying and Appraising the Estate

  • Creating an Estate Inventory: What Needs to Be Listed

  • Valuing Estate Assets: Real Property, Personal Property, and Investments

  • Working with Appraisers and Professionals

  • Managing Debts and Liabilities

Part II: Legal, Financial, and Tax Considerations

Chapter 5: Legal Responsibilities of Executors and Trustees

  • Fiduciary Duties: Duty of Care, Loyalty, and Impartiality

  • Managing Conflicts of Interest

  • Handling Disputes Among Beneficiaries

  • Keeping Accurate Records and Reports

Chapter 6: Tax Responsibilities in Estate and Trust Administration

  • Overview of Estate and Inheritance Taxes

  • Filing the Estate Tax Return (Form 706)

  • Trust Taxes: Filing Form 1041

  • Minimizing Estate and Trust Taxes: Planning Strategies

Chapter 7: Paying Debts, Expenses, and Taxes

  • Handling Creditor Claims Against the Estate

  • Paying Debts and Administrative Expenses

  • Managing Ongoing Expenses During the Administration Process

  • Filing Tax Returns for the Estate and Trust

Part III: Distributing the Estate and Trust

Chapter 8: Distributing Estate Assets

  • When and How to Distribute Estate Assets

  • Determining the Rights of Heirs and Beneficiaries

  • Distributing Personal Property, Real Estate, and Financial Accounts

  • Handling Special Distributions (e.g., Family Businesses, Antiques)

Chapter 9: Distributing Trust Assets

  • Steps in Trust Distribution

  • How to Follow the Terms of the Trust

  • Issues with Trust Distribution and How to Avoid Problems

  • Final Accounting and Discharge of the Trustee

Part IV: Special Considerations

Chapter 10: Administering an Estate with a Will vs. Without a Will

  • What Happens When There’s No Will (Intestate Succession)

  • How to Administer an Estate When There’s a Will

  • Legal Complications with Intestate Estates

  • Special Considerations for Estate Disputes

Chapter 11: Handling Complex or Family-Owned Estates

  • Managing Family-Owned Businesses During Estate Administration

  • Special Challenges in Multi-Generation Family Estates

  • Addressing Family Conflicts and Disputes

  • Planning for Future Generations: Succession Planning

Chapter 12: Ethical and Practical Challenges in Estate Administration

  • Dealing with Conflicts of Interest

  • Handling Family Dynamics and Tensions

  • Ethical Dilemmas and How to Resolve Them

  • The Importance of Transparency and Communication

Part V: Wrapping Up the Estate or Trust

Chapter 13: Closing the Estate or Trust

  • Final Accounting: What You Need to Know

  • How to File the Final Tax Returns

  • Distributing Final Assets and Closing Accounts

  • Obtaining Court Approval for Final Distributions

Chapter 14: Post-Administration Tasks and Final Thoughts

  • Keeping Records After Administration Is Complete

  • Understanding the Statute of Limitations for Estate Claims

  • Ongoing Responsibilities of the Trustee

  • Closing Thoughts and Key Takeaways

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Tags: Margaret Atkins Munro, Kathryn A Murphy, Estate, Trust Administration