M. FRANKLIN PARRISH
This article is designed to introduce you to certain post-mortem estate/trust administration issues. In the next several weeks you and any other advisors will need to take some time to review all current estate planning documents including the Trust. There are a seriesof significant issues which in most cases must be completed by the Successor Trustee within a limited period of time following an individual’s date of death. Such issues may include, but are not limited to the following:
1. Locate all original estate planning documents (i.e. Trust, Will, title documents, etc.)
2. Complete formal written appraisal/valuations of all assets including any real property for federal estate tax and income tax cost basis purposes,
3. Determine if a federal estate tax return must be filed.
4. File all necessary federal and state income tax returns,
5. Re-title/allocate investments and real property between various Trusts, depending upon the estate plan’s structure (e.g., a Survivor’s Trust, a Marital Trust, a Disclaimer Trust on Asset Protection Trusts),
6. Prepare an Affidavit: Death Of Trustee/ Appointment Of Successor Trustee For All Investments,
7. Prepare and record Affidavits: Death of Trustee/Appointment Of Successor Trustee for each real property interest to allow a clear chain of title,
8. Prepare a new Grant Deed to make the property marketable again,
9. Apply for an appropriate I.RS. Employer Identification Number (EIN), and
10. Comply with The California Probate Code sections regarding beneficiary notification.
If a Trust becomes irrevocable at death all remainder beneficiaries are entitled to a copy of the Death Certificate, the Will, and the Trust. Please understand the above comments are not intended as legal advice, nor is this correspondence intended as a solicitation for my engagement for post-mortem administration. In any event, please be aware that most if not all of the above issues, as well as other considerations should now be addressed by you with the advice of counsel to permit the desired estate planning results. Finally, should you decide to proceed, please contact my office to schedule an appointment at your convenience.
Please understand the above comments are not intended as legal advice. In any event, please be aware that most if not all of the above issues, as well as other considerations should now be addressed by you with the advice of an attorney to permit the desired estate planning results.