Co-Authored by Attorney:
Justin M. Kennedy
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Book Details
Written by Attorney Justin M. Kennedy
You’ve Been Named as a Successor Trustee—Now What?
Administering a Living Trust can feel overwhelming, especially when you are stepping in after the incapacity or death of a loved one. Many successor trustees have never served in this role before and may not know where to begin, what steps to take, or how to properly manage the responsibilities that come with trust administration.
In YES, THE TRUST NEEDS TO BE ADMINISTERED!, Attorney Justin M. Kennedy provides a practical guide for successor trustees who want to better understand the trust administration process. This book is designed to help readers stay organized, understand their duties, and approach each step with greater confidence.
The book includes helpful checklists, guidelines, and recommendations for handling many of the important tasks involved in administering a Living Trust, including managing trust assets, communicating with beneficiaries, working with attorneys and other professional advisors, keeping records, handling taxes, and preparing for trust distributions.
What This Book Covers
This guide walks successor trustees through key trust administration topics, including:
- A brief overview of how a Living Trust works
- Important “do’s” and “don’ts” before getting started
- Immediate actions to take upon incapacity
- Immediate actions to take after the death of a spouse or individual trustor
- Reviewing the trust and other estate planning documents
- Working successfully with attorneys and other professional advisors
- Communicating with beneficiaries
- Understanding trustee duties and trustee powers
- Maintaining title to assets and paying expenses
- Investing trust assets
- Recordkeeping and accounting to beneficiaries
- Income taxes and estate taxes
- Making distributions to beneficiaries
- Transitioning to another trustee
- Terminating the trust
- Organizing important addresses, location lists, and other documents
Whether you are handling the trustee role on your own or working with an attorney, this book can serve as a useful reference throughout the trust administration process.
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