Estates & Trusts - Administration Resource Base

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Where the burdens of a fiduciary are too great, it can help to appoint a co-executor to assist and help with administration.

In some cases, executors are unable or unwilling to serve.  In other instances, they may need to be removed.

Sometimes an executor is problematic for an estate or has personal conflicts requiring their removal.

A Beneficiary may demand a copy of the Will or trusts, but administrators have a responsibility to keep them confidential.

Distributions from trusts or estates might occur over years.  It can take time to marshal and dispose of assets in some cases.  Consult with counsel.

If a spouse or dependent child is left out of a will, many issues can arise.  Consultation with an attorney is recommended.

If it is unclear what was done with the trust or estate property, it may be necessary to request that the fiduciary provide details in an accounting.

Fiduciaries have a duty to provide an accounting to the beneficiaries and ensure that they understand the nature and extent of the property.

Where all parties are amicable and wish to reduce administration expenses, they can agree to waive accounting requirements.

An executor may need to apply for a tax payer ID number, file tax returns for estates or trusts, or report final income of the decedent.

After a person passes away, Social Security must be notified, and survivors must be aware of several options.

If your loved one received Medicaid benefits before passing away, the estate may be subject to Medicaid liens, creditors, and collections.  Speak with a Lawyer.

Giving away or selling the car, motorhome, boat, or airplane of a deceased person requires understanding transfer laws and use of the right documentation.

Disposing of the small stuff can be a challenge, especially with hot items like jewelry, gold, art, collections, or firearms.  Executors must take care or face personal liability.

The beloved animal companions of a deceased person are treated as personal property, though subject to additional legal protection.

Inherited IRAs are governed by several rules that must be understood and navigated by survivors.

Roth IRAs can be a valuable, tax free asset to beneficiaries who understand the regulations and optimal ways to handle Roths.

Retirement regulated under ERISA laws has different rules than most other types of retirement plans, requiring additional care.

Selling or winding-down the LLC or partnership of a decedent requires diligent care.

Transferring shares of a deceased requires proper documentation and attention to detail.

Wrapping up the one-man-band small business is laced with surprising difficulties and pitfalls.