Estate and Trust Administration: Key Tasks, Forms, Procedures and More
Trusts and Estates Attorney, Sophia Cizmarik, will be speaking on a panel hosted by NBI on Estate and Trust Administration: Key Tasks, Forms, Procedures and More on November 15, 2024. She will be speaking on Key Tasks and Procedures of Trust Administration.
8:00 AM – 8:45 AM | HALEY B. BYBEE
Estate Administration Road Map: Preliminary Considerations
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- Overview of the Probate Process and Timeline
- Administration Procedures: Testate vs. Intestate Estates
- Intestacy: Who Inherits?
- Rights of a Surviving Spouse
- Formal vs. Informal/Summary/Independent Administration
- Distinguishing between Probate and Non-Probate Assets
- Ancillary Administration – Which State’s Law Applies?
- Know your Deadlines
8:45 AM – 9:45 AM | JARED S. SANDS
Key Tasks and Procedures of Estate Administration
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- Filing the Will, Petition for Probate, and other Required Documents
- Qualifying/Appointing the Estate Administrator or Personal Representative
- Locate, Inventory, and Manage Estate Assets
- Digital Assets: How to Find Them and What to Do with Them
- Providing Mandatory Statutory and Non-Statutory Notices
- Handling Creditors’ Claims Against the Estate
- Collecting Debts Owed to the Estate
- Sample Forms, Letters, and Documents
10:00 AM – 11:00 AM | JOSHUA D. HEADLEY AND DANI R. GOLDBERG
Key Tasks and Procedures of Closing an Estate
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- Distributions in Kind
- Distributions to Minors, Surviving Spouse, and Trusts
- Settlement of the Estate: Accounting and Closing Procedures
- Compensation and Discharge of the Administrator
- Sample Forms, Letters, and Documents
11:30 AM – 12:00 PM | JOSEPH W. BUKOWSKI
Trust Administration Road Map: Preliminary Considerations
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- Overview of the Trust Administration Process and Timeline
- What Happens when Revocable Trusts become Irrevocable?
- Trustee Powers, Duties, and Liabilities
12:00 PM – 12:45 PM | SOPHIA Y. CIZMARIK
Key Tasks and Procedures of Trust Administration
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- Providing Required Notices
- Receiving and Managing Trust Assets: Inventorying, Investing, and Accounting
- Resolving Debts and Paying Expenses
- Preparing the Accounting and Distribution Plan
- Disposition of Trust Assets: Real Property, Personal Property, and Other Asset Types
- Paying the Trustee and Terminating the Trust
- Sample Forms, Letters, and Documents
1:00 PM – 2:00 PM | SARAH J. BARNES
Tax Hurdles in Estate and Trust Administration
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- Identifying Income to the Estate
- Filing Annual and Final Tax Returns
- Tax Treatment of Heirs
- Tax Basis Reporting Requirements
- Tax Deadlines and Handling Extensions
- Estate and Generation-Skipping Transfer Taxes
- Resolving Tax Disputes
- Sample Forms, Letters, and Documents
2:00 PM – 3:00 PM | JOSEPH E. GRUBER JR.
Ethical Issues in Estate and Trust Administration
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- Breach of Fiduciary Duties
- Spotting and Avoiding Conflicts of Interest
- Protecting Client Confidentiality
- Ethical Issues in Joint Representation
- Fee Agreements
Organization
Continuing Education
CLE: 6 hours
Speakers
Additional Speakers
Haley B. Bybee
Blank Rome
Jared S. Sands
Venable
Joseph W. Bukowski
Michael Best & Friedrich
Joseph E. Gruber Jr.
Aaron Riechert Carpol & Riffle
Sarah J. Barnes
Wealth Enhancement Trust Services LLC
Joshua D. Headley
Buchanan Ingersoll & Rooney PC
Dani R. Goldberg
Buchanan Ingersoll & Rooney PC