THE TRUSTEE PROCESS THE TRUSTEE PROCESS
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Locate decedent’s estate planning documents. • Make service arrangements.
Secure decedent’s assets. • Review decedent’s files and records. Secure decedent’s assets. • Review decedent’s files and records. • Confirm real and personal property are covered by insurance. • Gather information about decedent’s business interests (e.g., LLC, corporation, FLP, etc.). • Notify banks of death, locate safe-deposit box, and schedule a time to view with a bank representative. • Confirm real and personal property are covered by insurance. • Gather information about decedent’s business interests (e.g., LLC, corporation, FLP, etc.). • Notify banks of death, locate safe-deposit box, and schedule a time to view with a bank representative. 4 Administer decedent’s trust. Settle decedent’s affairs. Follow the instructions in the trust instrument. • Identify decedent’s creditors, outstanding claims, and amounts due. Pay or otherwise resolve all creditor claims and debts. • Give special consideration to valuable collections. Determine method for sale of articles not specifically distributed. • Carefully estimate cash needed for payment of taxes, expenses of administration, and other distributions. • Analyze decedent’s business interests. Carry out wishes or directions for continuance, liquidation, or sale as set forth in the trust or business succession plan. • Comprehensively review market conditions for each security to decide which assets should be sold first, if necessary, to meet taxes, expenses, claims, and specific distributions. • Analyze earnings, market conditions, and desirability of all real estate in case sale is needed. • Arrange for necessary proceedings to administer securities or property in other states. • Maintain trust accounting of monies received and disbursed. • Comprehensively review market conditions for each security to decide which assets should be sold first, if necessary, to meet taxes, expenses, claims, and specific distributions. • Analyze earnings, market conditions, and desirability of all real estate in case sale is needed. • Arrange for necessary proceedings to administer securities or property in other states. • Maintain trust accounting of monies received and disbursed. 4 Administer decedent’s trust. Settle decedent’s affairs. Follow the instructions in the trust instrument. • Identify decedent’s creditors, outstanding claims, and amounts due. Pay or otherwise resolve all creditor claims and debts. • Give special consideration to valuable collections. Determine method for sale of articles not specifically distributed. • Carefully estimate cash needed for payment of taxes, expenses of administration, and other distributions. • Analyze decedent’s business interests. Carry out wishes or directions for continuance, liquidation, or sale as set forth in the trust or business succession plan.
Locate decedent’s estate planning documents. • Make service arrangements. • Call Legacy Law Firm at 803-746-7000.
Call Legacy Law Firm at 803-746-7000.
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Inventory and value or appraise assets. Gather complete, satisfactory evidence of the value of assets at date of death. Different asset types require different methods of valuation. • Inventory life insurance policies. The attorney will file claim forms and collect proceeds. • Inventory household goods and personal effects and have them appraised. • Arrange for competent management of decedent’s businesses. • Oversee securities and collect interest and dividends. • Inspect condition of real estate. Review leases, taxes, and mortgages. Arrange for management or sale if necessary. Inventory and value or appraise assets. Gather complete, satisfactory evidence of the value of assets at date of death. Different asset types require different methods of valuation. • Inventory life insurance policies. The attorney will file claim forms and collect proceeds. • Inventory household goods and personal effects and have them appraised. • Arrange for competent management of decedent’s businesses. • Oversee securities and collect interest and dividends. • Inspect condition of real 3 estate. Review leases, taxes, and mortgages. Arrange for management or sale if necessary.
Prepare decedent’s tax returns. Determine the returns that must be prepared and filed with government agencies. • File final income tax return (Form 1040) for income earned prior to decedent’s death. • File fiduciary return(s) (Form 1041) for income earned after decedent’s death. • File estate and/or inheritance tax returns with applicable state(s). Obtain waivers for transfer of securities. • File federal estate tax returns (Form 706) if required or appropriate. 5
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Prepare decedent’s tax returns. Determine the returns that must be prepared and filed with government agencies. • File final income tax return (Form 1040) for income earned prior to decedent’s death. • File fiduciary return(s) (Form 1041) for income earned after decedent’s death. 5 Settle all proper claims. All creditors’ claims and debts must be paid or otherwise resolved by this time.
Distribute decedent’s trust. • Allocate assets among beneficiaries, including subtrusts such as the Family Trust, Marital Trust, and Survivor’s Trust, as appropriate. • If decedent was single or second to die, make further distributions to subtrusts or individuals as set forth in the trust.
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