Candace K. Ladley

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TRUST  ADMINISTRATION

     When the owner of a  Revocable Living Trust dies, and you are named in the Trust as the Surviving or Successor Trust you now have legal responsibility for performing a number of tasks. Some of these tasks involve complying with the requirements of the Trust. Other tasks involve compliance with a variety of tax laws. Some of the more significant tasks include:

     1. Examination of the deceased's papers to locate assets, such as bank accounts and insurance policies.

     2. Collecting benefits, such as life insurance, veterans benefits, and refunds for prepaid services such as magazine subscriptions, that are due to the estate or to beneficiaries.

     3. Notifying the post office and the Social Security Administration if the deceased was receiving Social Security payments.

     4. Canceling credit cards in your spouse’s name alone.

     5. Collecting all debts owing to the decedent or the deceased’s estate, and pursuing lawsuits on behalf of the estate.

     6. Preparation of an inventory of all property owned by the Trust at time of death and obtaining professional appraisals of those assets.

     7. Prudent management, protection, and investment of the property, including maintenance of appropriate property and liability insurance.

     8. Preparation of a list of all of the deceased's debts at the date of death.

     9. Payment of various debts and trust expenses.

   10. Transfer of the deceased's property to various beneficiaries who are to receive them.

    11. Preparation and filing of the deceased's Federal and State income tax returns for the income received before death. Preparation of Earlier tax returns may be necessary.

    12. Preparation and filing of Federal income tax returns for the Trust. This will be required annually, with the returns being due on April 15 of each year.

     13.  Giving written notice to all of the beneficiaries and heirs of the existence of the trust.

     14.  Providing an full accounting to all of the beneficiaries and heirs of the assets, liabilities, income and expenses of the trust.

    You normally are entitled to a reasonable fee for your performing these duties.  However, most people cannot perform all of these duties without the professional assistance of an attorney, appraisers, and accountants.  That is where we come in.  We can help you perform these duties efficiently and competently and find other professionals to aid you in your duties.

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