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Trust Administration

Revocable living trusts are used by estate planning attorneys to accomplish a variety of objectives. Although “revocable living trusts” avoid probate and facilitate the administration of the trustmaker’s estate, there may still be certain legal formalities which should be followed. Post-death trust administration typically includes some of the following actions:

  • Communicate with beneficiaries of the trust.
  • File the “Pour-over Will” with the appropriate court.
  • Apply for tax identification number with Internal Revenue Service for purposes of filing any applicable trust income tax returns.
  • Contact third parties to notify of the death of the trustmaker, the identity of the successor trustee, and any relevant tax matters.
  • File the decedent’s final tax return on Form 1040, and any applicable post-death income tax returns on Form 1041.
  • Determine Federal and State estate or inheritance tax obligations, if any.
  • Determine and pay, if appropriate, decedent’s debts and administration expenses.
  • Create any “sub-trusts” created under the trust instrument for beneficiaries.
  • Divide and distribute (or retain in trust) the trust assets to beneficiaries
  • Provide accounting to trust beneficiaries.

A revocable trust is designed to ensure that your estate can be administered as simply as possible. However, there are a variety of post-death administrative steps and procedures. If you have any questions regarding these kind of trusts, please contact us.