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The job of Successor Trustee carries legal responsibilities. Make sure you do your job properly and avoid common pitfalls! Here is a sample of the contents of "Now That You're a Trustee . . ." a 40 page booklet designed to help you in your day to day duties as a Successor Trustee. It is not intended to replace the advice of your attorney, CPA or Certified Investment Advisor. Good Luck in your endeavors!

 

TABLE OF CONTENTS

Phase I

Administration While All of the Trustors Are Still Living

  1. Keeping Assets in the Name of the Trust
  2. Exceptions to Keeping Assets in the Trust Tax Deferred Investments, Ownership of Life Insurance Policies & Annuities
  3. Taxes During Phase I
  4. Accountings
  5. Community Property Agreements
  6. Revocation and Modification

Phase II

Splittable Trusts Administration While One of the Original Trustors Is Still living.

Splittable vs. Non Splittable Trusts

  1. Estate and Income Tax Considerations
  2. Appraisals - When & Why Necessary
  3. Non-Splittable Trusts
  4. Splittable Trusts and Their Subtrusts Survivor's Trust (also Marital Deduction Trust) Decedent's Trust (Bypass/Credit Shelter) QTIP Trusts Disclaimer Trusts
  5. Dividing the Assets Between the Subtrusts .
  6. Ongoing Administration During Phase II
  1. Tax Returns for Decedent's Trust Sale of Assets within a Subtrust
  2. Right to Withdrawal of Income and Principal

Phase III - Administration After Death of All Original Trustors

  1. Payment of Final Debts And Distribution
  2. How Hard Will My Job Be?
  3. Taking Charge
  1. What's In and What's Out
  2. Types of Assets Changing Title to Assets Not in the Trust
  3. Methods of Transfer
  1. Tax Obligations of the Trustee
  2. Estate Tax Returns - If and When to File
  3. Appraising the Assets
  1. Why Do I Need an Appraisal?
  2. How to Obtain an Appraisal.
  1. Dividing and Distributing Trust Assets
  1. Accountings
  2. Specific vs. General Gifts
  3. Continuing Trusts
  4. Being Fair to All Beneficiaries
  1. Principal vs. Income
  2. Managing the Assets
  1. Delegating Investment Duties
  2. Prudent Investor Rule
  3. Keeping Beneficiaries in Mind When Investing

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930 N.W. 20th Avenue

Harper, KS 67058

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This page was last updated on March 05, 2005