Trust Administration

There are many things that must be attended to after a friend or loved one passes away. Following through with all of these steps is known as trust administration. State and federal laws must be complied with immediately following a death, and these matters are related to the preservation of the federal estate tax exclusion total and the actions taken to change title to assets. This calls for an appraisal of major assets which will be followed by an inventory that will be used to establish the net worth of the estate.

What is done next will depend on the value of the estate; in some cases a federal estate tax return will need to be filed and in others income tax returns will need to be filed. A probate lawyer can best determine the appropriate actions to be taken in all such cases. No matter what, the most important aspects that will be under review are the number of assets from the deceased person, the type and total value of these assets and the inclusion or non-inclusion of tax planning provisions. The process of attending to all of these is known as trust administration and will be most accurately accomplished with the help of a legal professional by your side.