Estate and Trust Administration For Dummies, 2nd Edition 2nd Edition by Margaret Atkins Munro (PDF)

Description

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 trustProvides expert advice on unfamiliar estate and trust tax lawGives 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.

User’s Reviews

Editorial Reviews: From the Back Cover Learn to:Take the proper steps to navigate estate and trust processesComply with tax regulationsMake sense of unfamiliar estate and trust administration termsYour plain-English guide to administering an estate or trustAdministering an estate or a trust is a big responsibility. This practical, authoritative guide contains advice for handling estates and trusts, whether large or small. It also explains how to read and interpret documents, take care of a loved one’s estate in the event he or she never created a will, and help the estate or trust avoid paying too much (or too little) in taxes.Estate and Trust Administration 101 — get the lowdown on estate and trust administration lingo; who the players are; and, in the case of trusts, exactly what games are being playedFrom soup to nuts — determine what the decedent owned (and owed), locate the necessary documents, figure out who inherits, shepherd the estate through the probate process, distribute what’s left after everyone has been paid, and close the estate for goodThe powers that be — discover what powers you have as trustee, what duties you’re expected to perform, how to keep the necessary records, and the best way to terminate the trust after its job is doneA pain in the tax — find a plain-English explanation of preparing a simple estate tax return (Form 706), annual income tax returns for trusts and estates (Form 1041), and the decedent’s final Form 1040Open the book and find:The first steps to take after a loved one’s deathGuidance on navigating the probate processAdvice on marshaling and liquidating assetsThe duties of trustees and executorsHow to file income tax returns for a decedent, estate, or trustCommon pitfalls to avoidTips on finding and managing professional helpTen common taxes you may have to pay About the Author Margaret Atkins Munro, EA, is a tax advisor, writer, and lecturer with more than 30 years’ experience in trusts, estates, family tax, and small business. Kathryn A. Murphy, Esq., is an attorney with more than 20 years’ experience administering estates and trusts and preparing estate and gift tax returns.

Reviews from Amazon users which were colected at the time this book was published on the website:

⭐This book is mainly for wills not trusts. The problem with most of these books on trusts is that they are not clear on exactly how to administer one if you’re the Trustee. They say vague things like, “Send the trust documents to the bank with your ID.” Or they say beneficiaries can vote to remove a Trustee. How is this done exactly? These books are too vague on the actual mechanics of how all this works.And no, you don’t send the entire huge binder of all the pages of a trust to every bank or financial institution. When you’re the Trustee, you use the Trust Certificate (a two-page document) but NONE of the books I’ve read including this one, points this out.It’s like Trusts are shrouded in mystery. No one seems to have any idea how they work.

⭐Many folks can get by with a simple will. But if you have a lot of life insurance, a high net worth, minor kids or irresponsible adult kids a trust is probably something you should think about.I borrowed this book from the library and it’s so useful I bought it to plan my trust with. While I did give a copy to the executor of my estate, the book is 100% useful to learn about how a trust operates and how you can set it up.If my 22 year old son inherited my estate today he’d be dead or broke in 5 years. He’s not ready for that kind of wealth. We set up a trust that gives him a stipend, allows for expenses like school, marriage and other things I would miss if I were gone. He also has to hit some financial goals to get a lump sum for a house downpayment and ultimately will receive the balance when he’s 31. By knowing what I wanted, I was able to influence my Estate Planner (who had vastly different ideas than me) – This book put me in charge!

⭐This book is amazing and a super easy read. Good not only to read cover to cover but to quickly look up valuable information. Estates and trusts are incredibly complicated this book breaks it down simply and keeps your interest. I should know for a C.P.A. Dealing mostly in trusts and estates.

⭐This book is big, as it needs to be. I’m still reading (in between dealing with my deceased aunt’s estate). I’m a bit frustrated because the “wills” and “trusts” information is intermingled. I have a trust from another relative to deal with also, and my mind kept jumping from one situation to the other. Nearly got whiplash. That is more likely the result of my personal situation rather than a fault of the book. Im sure as I keep reading things may sort themselves out.

⭐As an executor who is also a trustee for a testamentary trust, I found this book to be very helpful in its explanations of how trusts work from beginning to end. Even though I consult with an attorney and a CPA, this book helps to fill in the blanks and to alert me to situations I need to follow up on. It also helps me in handling day to day trust administration rather than paying an administrator to do that. While there are many books that deal with Living Trusts, very few that I could find deal with a trust being established out of a will.

⭐I wanted to be fair in my review. It was well written – but even so, was way over my head. I did pick up a few tips to help me as I was navigating an Estate for which I was the Executor, but unless you already have a good handle on this – hire an attorney. (No, I am not an attorney)

⭐I would not recommend this – it does not cover the potential situations in enough detail.I purchased “The Trustee’s Legal Companion”, from Nolo Press, at the same time, and that is much better.

⭐I ordered this book because we were going through a tough time. Having the whole process opened up and explained cleared up the confusion. I like the book so much because it goes through everything from the professionals you will need to hire to the tax issues. I would recommend this to anyone who has to deal with a will. I admit the trust portion of the book did not apply to us but I am sure it would be an equal five star help for anyone doing that as well. It is nice to have a book to make a hard time a lot easier.

⭐This is the US version!!! What a waste of time. There was nothing to indicate it wasn’t for the UK. I wish I read the past reviews properly.

⭐Wanted a UK book. This is the USA version

⭐I wish I’d looked at the reviews before I bought this. There is nothing in the main description to indicate that this book is aimed at the US market and by the time I realised, I’d disposed of the packaging. If you want a guide for the UK, don’t waste your money like I did.

⭐It was all written for the United States not Britain as I hoped , but it arrived well packed so I had to return it

⭐Fast service would recommend

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