Trust and Estate Settlement

Navigating Wealth Transfer For Your Loved Ones

Settlement of a Trust or Probate Estate involves the process necessary to transfer asset ownership from the deceased person’s Trust or Will to the parties entitled to receive the assets, according to the provisions of the appropriate document.

The basic duties of the trustee or personal representative, working in concert with other parties, such as the attorney for the Trust or Will, accountants, investment advisors, the decedent’s family or other interested parties, are to:

  • Collect, inventory value and manage the assets, discuss decisions regarding ultimate distribution;
  • Keep accurate records, prepare monthly statements and final accountings;
  • Coordinate post death tax and estate planning;
  • Oversee the sale of real estate and personal property;
  • Protect, preserve and oversee appropriate investment of assets;
  • Settle claims and pay debts of the decedent and those of his or her estate;
  • Prepare, file and pay decedents final income tax return, estate tax returns and estate income tax returns;
  • Prepare a plan of distribution and then re-title, reregister, and transfer the remaining assets to the proper parties.

The nature and scope of these duties will vary according to the size and complexity of each trust and the procedure needed to accomplish them.

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