Changes in your life, and the law, dictate that a thorough review of your trust is imperative to ensure it still complies with your original intent.
One of the many things you should review is your choice for trustee. Many people agree to become an executor or trustee of a parent or close friend’s trust or estate without really considering what that job entails. Then the parent or friend dies, and the executors have no idea what to do to fulfill their duties.
Some of the duties of an executor or trustee can include:
· Identifying and valuing assets and debts
· Paying off debts prior to making distributions ?to heirs and beneficiaries
· Tracking any medical expenses for estate ?income tax purposes
· Filing a final income tax return for the ?decedent
· Filing an income tax return for the estate
· Filing any necessary gift tax returns for the ?decedent and/or estate
The duties of an estate executor or trustee are significant, and unless someone in your family has prior experience in estate and trust administration, it would be wise to consult with an attorney for the help they will need.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, we are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0041.