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Executing an estate or a trust fund is a big responsibility. Estate & Trust Administration For Dummies contains advice for handling estates and trusts of any size. It offers solid pointers on reading and interpreting a will and other documents, and helping heirs avoid paying too much (or too little). It also shows you how to take care of a loved one's estate in the event that a will or trust was never created. This authoritative, plain-English guide helps you understand and follow the rules that govern estates and trusts, ensure a smooth transfer of property, and manage fiduciary affairs in an orderly manner. You'll get help choosing and assembling a team of professional advisors, settling debts and paying bequests, operating a revocable or irrevocable trust, and making sound trust investment decisions. Discover how to: Understand executors' and trustees' duties Read and interpret important documents Properly execute an estate or trust Handle estates both large and small Get familiar with the probate process and estate taxes Identify different types of trusts Follow the deceased's wishes - and the law Notify insurers and employers of a death Follow the steps for closing an estate Establish, fund, and change ownership of a trust Keep proper trust records Yes, you can do the job and do it well. All you need is a little help from Estate and Trust Administration For Dummies .

From the Back Cover
Easy-to-follow guidance on administering an estate or trust
Administering an estate or a trust is a big responsibility. This practical, authoritative guide contains advice for handling estates and trusts large or small, offering solid advice on reading and interpreting documents, and helping anyone involved in an estate or trust avoid paying too much, or too little, tax and other administrative expenses. It also shows you how to take care of a loved one's estate in the event he or she never created a will or other estate planning documents.

Understand and follow the rules — administer estates and trusts to ensure a smooth transfer of property and orderly management of fiduciary affairs

Assemble a team — choose the legal and financial experts, and know when to use them

Navigate the probate process — move efficiently through each step, whether your decedent had many assets or just a few

Identify and liquidate estate assets — whether owned outright, jointly, or in a trust

Settle debts and pay bequests — from paying funeral expenses and administration costs to segregating and distributing named property

Operate a revocable or irrevocable trust — understand a trustee's duties, responsibilities, and limitations

Make sound trust investment decisions — diversify holdings and meet beneficiary needs

Comply with income and estate tax regulations — from the decedent's final Form 1040, through the estate's Form 706, and the estate and trust's Form 1041

Open the book and find:
An overview of executors' and trustees' duties
Reviews of the probate process and estate taxes
Tips on finding and managing professional help
Advice on notifying insurers of a death
Steps for closing an estate
Rules for establishing and funding a trust
Essentials on estate and trust record keeping
Fundamentals of preparing federal estate tax and estate and trust income tax returns

Paperback: 384 pages
Publisher: For Dummies; 1 edition (November 24, 2008)
Language: English
ISBN-10: 0470286172
ISBN-13: 978-0470286173