Your plain-English guide to administering an estate and/or trustAs more and more of the population reach senior ages--including baby boomers, many of whom do not have wills--an increasing number of people are being thrust into the role of executor, administrator, personal representative of an estate, or trustee of a trust after the death of a loved one. This updated edition of Estate & Trust Administration For Dummiesguides you through the confusing process of administering an estate and/or trust.Settling an estate and administering a trust can be complicated, messy, and time-consuming for individuals named as executor or trustee, most of whom have no previous experience with such matters. Estate & Trust Administration For Dummies shows you how to make sound decisions for your unique circumstances.* Guides you through the confusing process of administering an estate and/or trust* Provides expert advice on unfamiliar estate and trust tax law* Gives you a practical checklist to follow for all of your estate and trust administration questions and concernsWhether you're looking for guidance on how to navigate the probate process and estate taxes, settle debts and bequests, fund a trust, comply with tax regulations, or anything in between, this hands-on, friendly guide takes away the mystery and provides detailed answers to all of your estate and trust administration questions.

Introduction 1Part I: Getting Started with Estate and TrustAdministration 7Chapter 1: Operating in a Fiduciary World 9Chapter 2: Exploring the Ins and Outs of Estates 19Chapter 3: Identifying Different Types of Trusts 31Chapter 4: Assembling Your Team Members and Knowing When to UseThem 57Part II: Administering an Estate 73Chapter 5: Taking the First Steps after Death 75Chapter 6: Navigating the Probate Process 91Chapter 7: Marshalling and Liquidating Assets 109Chapter 8: Paying the Debts, Expenses, Bequests, and Devisesfrom the Estate 133Chapter 9: Closing the Estate 147Part III: Operating a Revocable or IrrevocableTrust 157Chapter 10: Understanding the Trustee's Duties 159Chapter 11: Funding the Trust 171Chapter 12: Investing the Trust's Assets and Paying ItsExpenses 183Chapter 13: Paying Trust Beneficiaries 203Chapter 14: Creating and Keeping Trust Records 217Chapter 15: Terminating the Trust 231Part IV: Paying the Taxes 241Chapter 16: Preparing the Estate Tax Return, Part 1 243Chapter 17: Preparing the Estate Tax Return, Part 2 263Chapter 18: Filing Income Tax Returns for a Decedent, Estate, orTrust 287Chapter 19: Weighing Income Tax Implications 311Chapter 20: Reporting Tax Info on Schedule K-1 321Part V: The Part of Tens 333Chapter 21: Ten Pitfalls for the Unwary 335Chapter 22: Ten Types of Taxes You May Have to Pay 343Appendix A: Glossary 349Appendix B: State-by-State Rules of Intestacy and Estate orInheritance Tax 359Index 379