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Trust Administration Worksheet Form Software
The purpose of this worksheet is to organize trustinformation and explain the procedures for carrying out the terms of a Living Trust and handling an estate of a person who has died (a "Decedent").
When someone dies (referred to as a "Decedent"), the Decedent's surviving family members and/or friends need to gather up the Decedent's assets, pay any debts and expenses, and distribute the Decedent's remaining property to the proper beneficiaries. In many cases, tax issues will need to be addressed. Different procedures will be required, depending on the type of assets that the Decedent owned, the specific details of the Decedent's estate plan, and the circumstances that exist at the time of death.
Trust Administration Worksheet supplies an outline of the general procedures that must be followed in handling an estate where the Decedent's primary estate planning document is the Decedent's Living Trust (and possibly a supplemental document, a Pour Over Will). The initial portion of the Worksheet supplies explanations and anticipates that the user will enter information as the interview leads you through a series of questions. The Worksheet can then be printed out to be used as a general guide. Additional information as it becomes available can be written onto the paper copy, you can update the worksheet, or you can export the worksheet to a word processor to customize the worksheet to better fit the user's particular circumstances.
This Worksheet helps to organize the Decedent's personal, law, and financial information for the benefit of the persons who will be responsible for handling the trust estate, often a close family member and a lawyer. The family member is often appointed as the successor trustee of the Living Trust, and therefore, is responsible for carrying out the terms of the Living Trust that apply upon the Decedent's death.
This Worksheet recognizes that handling a trust estate requires an understanding of the trust and estate administration laws of the state where the trust estate will be handled. While the procedures of most states are similar to the procedures in other states, there can be important distinctions. Further, handling a trust estate requires an understanding of federal and state estate and inheritance tax laws and federal and state income tax laws. The process can be intimidating, almost always requiring the assistance of an attorney and/or tax pro. However, this Worksheet helps take some of the mystery out of the process and helps the user understand what will be expected.
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