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
About the Author
Margaret Atkins Munro
, EA, is a tax advisor, writer, and lecturer with more than 30 years' experience in trusts, estates, family tax, and small business.
Kathryn A. Murphy, Esq., is an attorney with over 20 years' experience administering estates and trusts and preparing estate and gift tax returns.