FAQ Friday: Problems with Trust Administration

On Friday, March 11th, at 11am EST, Mr. Berger discusses problems with Trust Administration that may arise on the death of the first spouse.

The number one problem is when the surviving spouse doesn’t take any action. They are grieving and it can be difficult to think about hiring an attorney.

Additional trusts do need to be funded and often updated, especially when done a long time ago. Rules changed in 2015 that affected who needed notification of the Trust such as children.

A separate tax identification is often needed. Not doing anything can eat up your money meant for beneficiaries.

You’ll need a new certificate of Trust in case someone joins or that it’s just you after the spouse passes.

Estate Planning docs also might need to be updated. Filing for portability might be necessary depending on how assets profitability has performed.

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Bring your questions about estate planning and administration to our weekly Facebook Live with Mr. Berger on Fridays at 11am EST. Leave your email if you’d like to receive a notification of our response.