Social Security will continue to send out benefit checks until they are notified of an individual’s death. The executor/spouse/trustee should contact the local Social Security Administration office and notify them of the death, or if a benefit check is received, send it back with a letter notifying them. This is important. If checks continue to be deposited, the recipient can incur liability later when Social Security learns of the recipient’s death. … [Read more...] about What do I do about Social Security?
TRUST ADMINISTRATION & PROBATE
If you are a relative of the deceased, this is simple. To transfer the title of vehicles owned by the deceased, simply take the death certificate to the DMV, and perform the transfer, paying whatever fees they require. If not a relative, bringing along the will and or any trust documents indicating your status should be sufficient. … [Read more...] about How do I transfer the car(s) into my name?
The answer depends upon the language of the trust document. Certain trusts include “pick and choose” language that allows trustees to selectively place assets into the “B” trust. … [Read more...] about Can I pick and choose what assets go into the “B” trust?
While having a living trust can significantly reduce costs, there is still a considerable amount of work to be done in properly administering even a simple living trust. The services of an attorney are required, and that person or firm should be compensated fairly for their services. It is important to remember that the fees allowed for trust administration should be much lower than if an organized Estate Plan is in place, and there is generally less work involved, as there is less involvement … [Read more...] about I thought that a living trust avoids probate and attorney fees. Why do I have to pay more fees?
To summarize the process, trust administration can be broken into five basic steps: Inventory assets Determine estate tax Division of trust assets File the 706 tax form Distributions to beneficiaries Although the trust administration process seems relatively straightforward, there are several reasons it can sometimes be drawn out over several months or even years. The first step, the inventory of assets, must be completed before the trust administration can begin, and this … [Read more...] about Does the Trust Administration process take a long time?
Probate begins and ends with the special Probate Court set up in each state to handle estate issues. (Sometimes known as the Orphan’s or Chancery Court in certain states.) All actions taken regarding the estate are accountable to this court, and must be noted and reported regularly. This court is staffed by special judges qualified to oversee estate resolution issues. … [Read more...] about What is Probate Court?
Depending on the complexity of the estate and the thoroughness with which accounting has been carried out before death, Estate Administration can either be a relatively simple task or a daunting one. Be aware that no matter the situation, Estate Administration may be a lengthy process often taking months or possibly years to play out, and one which may take a considerable amount of an executor’s time. To summarize the process, Estate Administration can be broken into six basic steps: … [Read more...] about Does the Estate Administration process take a long time?
Probate is designed to create a “final accounting” upon death. It is the legal process of “proving up” a Will, or verifying that a Will is valid, takes place in one of two instances. First, if a person dies leaving behind a Will, or second, if the deceased has died intestate, that is, has not left behind a Will or estate plan of any type or the Will cannot be found. … [Read more...] about What is Probate?