FAQ Friday: Basics of Trust Administration

On Friday, September 3rd at 11 a.m. EST, Mr. Berger discusses what the basics of trust administration are and why each piece is important.

Trusts are not as easy as many think. It is not a simple alternative to probate. There are rules and regulations to follow.

There are duties imposed on the trustee. You have 60 days for notice when appointed to the beneficiaries. You also need to get a tax ID, just like with an estate and also file a tax return as well.

The trustee needs to account for all of the assets and their values. A non judicial settlement or distribution agreement can be easier for giving out assets to beneficiaries.

Creditors have 6 months to make their claim against a trust. The IRS has 3 years to look back on tax returns so you want to make sure you comply with the law.

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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.