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ESTATE SERVICES
The responsibility of “settling an estate” is not an honor to
be given to a faithful friend or a trusted relative – unless they
possess the necessary knowledge, skill, time and temperament to
handle the demanding requirements.
Whether acting as executor of an estate or successor trustee of
a living trust, knowledge of tax law, business arrangements,
property law, and investments is critical.
Settling an estate or winding up a revocable living trust at
the death of the creator, both involve a number of steps.
- Qualifying to act. The court will formally appoint an
executor by issuing Letters of Appointment.
- Take control of all assets. Responsibilities include
locating and inventorying all assets including hard to identify
and locate assets.
- Protecting assets. This includes their physical, secure
possession, adequate insurance coverage and protection from
waste and deterioration.
- Taxes. Filing, negotiating and settling both federal and
state tax liabilities. Negotiating the value of assets such as
real estate and closely held business interests is critical to
avoid overpaying death taxes.
- Accounting and Distribution. A full accounting and
distribution to the correct beneficiaries are the final steps in
“settling an estate.”
In choosing an executor or successor trustee, look for:
- Training, experience and qualifications.
- Needed facilities and resources to properly settle the
estate.
- Full time, day in and day out availability.
- Financial responsibility.
- Unbiased objectivity, yet sympathetic understanding of the
needs of your family.
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