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

    1. Overview of the Probate Process and Timeline
    2. Administration Procedures: Testate vs. Intestate Estates
    3. Intestacy: Who Inherits?
    4. Rights of a Surviving Spouse
    5. Formal vs. Informal/Summary/Independent Administration
    6. Distinguishing between Probate and Non-Probate Assets
    7. Ancillary Administration – Which State’s Law Applies?
    8. Know your Deadlines

8:45 AM – 9:45 AM | JARED S. SANDS
Key Tasks and Procedures of Estate Administration

    1. Filing the Will, Petition for Probate, and other Required Documents
    2. Qualifying/Appointing the Estate Administrator or Personal Representative
    3. Locate, Inventory, and Manage Estate Assets
    4. Digital Assets: How to Find Them and What to Do with Them
    5. Providing Mandatory Statutory and Non-Statutory Notices
    6. Handling Creditors’ Claims Against the Estate
    7. Collecting Debts Owed to the Estate
    8. 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

    1. Distributions in Kind
    2. Distributions to Minors, Surviving Spouse, and Trusts
    3. Settlement of the Estate: Accounting and Closing Procedures
    4. Compensation and Discharge of the Administrator
    5. Sample Forms, Letters, and Documents

11:30 AM – 12:00 PM | JOSEPH W. BUKOWSKI
Trust Administration Road Map: Preliminary Considerations

    1. Overview of the Trust Administration Process and Timeline
    2. What Happens when Revocable Trusts become Irrevocable?
    3. Trustee Powers, Duties, and Liabilities

12:00 PM – 12:45 PM | SOPHIA Y. CIZMARIK
Key Tasks and Procedures of Trust Administration

    1. Providing Required Notices
    2. Receiving and Managing Trust Assets: Inventorying, Investing, and Accounting
    3. Resolving Debts and Paying Expenses
    4. Preparing the Accounting and Distribution Plan
    5. Disposition of Trust Assets: Real Property, Personal Property, and Other Asset Types
    6. Paying the Trustee and Terminating the Trust
    7. Sample Forms, Letters, and Documents

1:00 PM – 2:00 PM | SARAH J. BARNES
Tax Hurdles in Estate and Trust Administration

    1. Identifying Income to the Estate
    2. Filing Annual and Final Tax Returns
      1. Tax Treatment of Heirs
      2. Tax Basis Reporting Requirements
      3. Tax Deadlines and Handling Extensions
      4. Estate and Generation-Skipping Transfer Taxes
    3. Resolving Tax Disputes
    4. Sample Forms, Letters, and Documents

2:00 PM – 3:00 PM | JOSEPH E. GRUBER JR.
Ethical Issues in Estate and Trust Administration

    1. Breach of Fiduciary Duties
    2. Spotting and Avoiding Conflicts of Interest
    3. Protecting Client Confidentiality
    4. Ethical Issues in Joint Representation
    5. Fee Agreements

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

Related Practice Areas