File Size: 1607 KB
Print Length: 411 pages
Publisher: For Dummies; 2 edition (May 7, 2013)
Publication Date: May 7, 2013
Fortunately, we certainly have a living trust as well as a irrevocable trust. However, We wanted an excellent reference guide to do a speedy read and make sure that I don't skip anything in words of settling the particular estate properly. The property is fairly simple and this book helped me tremendously as I make distributions to be able to the very few beneficiaries.
A good book for a good understanding regarding " how to" in addition to a good refresher on all the benefits/pitfalls regarding trusts wills, etc., Guide gives alot of simple details about trust and property management including duties regarding either executor of property or as successor trustee. Also gives some even more advanced knowledge too. Personally I was hoping to be able to find more info around trusts than it provided. The section on fees may be too sophisticated unless you're actually within the middle of filling out the forms yourself.
Was a good guide and will keep it as a reference., Within reviewing the "Estate & Trust Administration for Dummies" book, I should divulge that I am a financial planner. While We may be a joker, I've found this series is usually rarely dumb, often useful and sometimes downright fantastic. This Edition (if which the right word, it is the 2nd edition but I mean this book) is well crafted, comprehensive and plain-language-clear.
The book is not written for professionals necessarily, but it does include lots of ground that a professional should know or ought to be reminded regarding. It is thorough in addition to as a professional, I anticipate I will review components of it in the particular future as a clear reference guide.
The first section of the particular book covers fiduciary standards with regard to estate/trust administration. It truly is coming from the viewpoint that the particular reader may become the particular administrator or executor regarding an estate upon someone's passing and what they have to know. It talks about understanding and extent regarding duties, how estates work, identifying different types regarding trusts (yep, there are several all of them! ) It also discusses the professionals that are usually needed (or sometimes not needed) in administering to be able to an estate (not just the attorney and tax accountant) and how to be able to practice diligent responsibilities within executing the estate.
The other section is usually a timeline, pretty much. Whenever you have an property, the procedure is conducted within a very specific purchase. First probate, then determination of assets and valuation, prepping a probate inventory, paying expenses (including paying off the beneficiaries who may have likely been chomping on the bit for 9 a few months expecting a check) in addition to, finally, closing of the particular estate.
The next section is certain to trusts, understanding the particular trustee's duties, how the trust can or is going to be financed, how its assets are usually invested. During the lifestyle of the trust, right now there are key responsibilities of which include accounting (principal compared to. income), paying of beneficiaries, tax filings and, probably, a termination of trust once its purpose is usually fulfilled. These duties could be time consuming, costly and nerve-wracking. The guide will do a good job regarding summarizing in such a way that a trustee is aware of what they need to know in addition to how to execute their responsibilities. This is, within my humble opinion, the particular best section of the particular book.
The final part of the guide is devoted to taxes, the particular preparation of a final 1040, an Estate Tax Go back, returns for decedent properties or trusts and K-1 reporting. Slightly dry, nevertheless the author will do a good job of keeping the particular reader awake and engaged.
All within all, the book is usually an excellent primer on the particular topic and I advise it strongly for any person who may become either an executor or a trustee. If you are working together with someone who will be acting as a business trustee, also this is a really good read. It might not exactly give you all the particular answers that you would like (that might take a law diploma and years of experience) but it will guide you to ask the particular right questions., great! An absolute must have in the unfortunate occasion of a death in the particular family., Excellent, though, complete.
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