Estate and Trust Administration For Dummies

Overview

Your plain-English guide to administering an estate and/or trust

As more and more of the population reach senior ages—including baby boomers, many of whom do not have wills—an increasing number of people are being thrust into the role of executor, administrator, personal representative of an estate, or trustee of a trust after the death of a loved one. This updated edition of Estate & Trust Administration For Dummiesguides you through the ...

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Overview

Your plain-English guide to administering an estate and/or trust

As more and more of the population reach senior ages—including baby boomers, many of whom do not have wills—an increasing number of people are being thrust into the role of executor, administrator, personal representative of an estate, or trustee of a trust after the death of a loved one. This updated edition of Estate & Trust Administration For Dummiesguides you through the confusing process of administering an estate and/or trust.

Settling an estate and administering a trust can be complicated, messy, and time-consuming for individuals named as executor or trustee, most of whom have no previous experience with such matters. Estate & Trust Administration For Dummies shows you how to make sound decisions for your unique circumstances.

  • Guides you through the confusing process of administering an estate and/or trust
  • Provides expert advice on unfamiliar estate and trust tax law
  • Gives you a practical checklist to follow for all of your estate and trust administration questions and concerns

Whether you're looking for guidance on how to navigate the probate process and estate taxes, settle debts and bequests, fund a trust, comply with tax regulations, or anything in between, this hands-on, friendly guide takes away the mystery and provides detailed answers to all of your estate and trust administration questions.

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Product Details

  • ISBN-13: 9781118412251
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 5/28/2013
  • Series: For Dummies Series
  • Edition number: 2
  • Pages: 408
  • Sales rank: 144,467
  • Product dimensions: 7.30 (w) x 9.10 (h) x 1.00 (d)

Meet 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 more than 20 years' experience administering estates and trusts and preparing estate and gift tax returns.

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Table of Contents

Introduction.

Part I: Discovering the World of Estates and Trusts.

Chapter 1: Functioning in a Fiduciary World.

Chapter 2: Estates 101: Exploring the Ins and Outs of Estates.

Chapter 3: The Lowdown on Trusts: Identifying the Different Types.

Chapter 4: Assembling Your Team Members and Knowing When to Use Them.

Part II: Administering an Estate.

Chapter 5: Taking the First Steps after Death.

Chapter 6: Navigating the Probate Process.

Chapter 7: Marshalling and Liquidating Assets.

Chapter 8: Paying the Debts, Expenses, Bequests, and Devises from the Estate.

Chapter 9: Closing the Estate.

Part III: Operating a Revocable or Irrevocable Trust.

Chapter 10: Understanding the Trustee’s Duties.

Chapter 11: Funding the Trust.

Chapter 12: Investing the Trust’s Assets and Paying Its Expenses.

Chapter 13: Paying Trust Benefi ciaries.

Chapter 14: Creating and Keeping Trust Records.

Chapter 15: Terminating the Trust.

Part IV: Paying the Taxes.

Chapter 16: Preparing the Estate Tax Return, Part 1.

Chapter 17: Preparing the Estate Tax Return, Part 2.

Chapter 18: Filing Income Tax Returns for a Decedent, Estate, or Trust.

Chapter 19: Reporting Tax Info on Schedule K-1.

Part V: The Part of Tens.

Chapter 20: Ten Pitfalls for the Unwary.

Chapter 21: Ten Types of Taxes You May Have to Pay.

Appendix A: Glossary.

Appendix B: State-by-State Summary of Probate, Estate, or Inheritance Tax, and Rules of Intestacy.

Index.

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