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Saturday, March 21, 2015

The Saturday Trust—Tips from The Pros

Here are some great articles by professional estate planners & trust attorneys


Becoming a successor trustee

Be Prepared
It's been 4 months since I closed my dad's trust.  The big job is done (i.e. the final distribution of assets), and as we cycle through another tax year, there is a little bit of paperwork left in order to finish off the current trust taxes.  Fortunately, we have a trust tax accountant who is handling that.  

To the Successor Trustee:  Under the category of—Doing Things Right—hire an experienced tax accountant who specializes in filing trust taxes.  This will save you a lot of time & worry later on.  

Since my dad passed away in November 2013, I've been writing about my personal experiences from the POV of someone who had never administered a trust or created a trust of my own.  Now, it's time to listen to the experts. 

To the Successor Trustee:  Have the contact info for the trust attorney (the attorney who drew up the original trust).  You'll need to contact the attorney and meet with him or her to sign on as the successor trustee.

There is a lot of information online about estate planning.  Here are some great links that cover the basics:

The Pros
  • Will vs. Trust_14 April 2011_Dana Law Firm Blog_by Mark Anderson, Atty
Avoiding Estate Planning Infographic