Sean was extremely beneficial to helping my husband and I set up a trust. In addition, my husband just attended a Medicaid seminar presented by Sean's brother Greg. The feedback was "The Seminar was GREAT!!!! More than well worth my time!!!"

I see lots of information on setting up trusts. My father just died, leaving all assets in a trust. I'm the successor trustee. I can't seem to find any information on my responsibilities and administering a trust. Any suggestions on where to look? Also, I have some specific questions.
1) My father died on 1/1/04. I will need to file taxes for 2003 and possibly 2004 (1 day?). Do I have to obtain an EIN (SS4 form) for the estate?
2) Do I have to wait until all debts (primarily medical bills) are paid before I distribute some of the assets?
3) Can I use his current (co-owned with me) checking account as the estate pass-thru account? Or do I need to set up a new account with the new EIN?
4) In Florida, is the trust responsible for paying all medical bills as a result of my father's last days? I read in an old book that in some states only probate assets were subject to debtors and that the trust may be exempt.

Thanks for any help anyone can give!!!

The generic duties of a trustee:

The Tasks of a Successor Trustee

Take Preliminary Steps

Locate and study the Trust Agreement.

Help with funeral arrangements if requested; meet with family and others interested in the estate.

Confer with the attorney who drew the Trust Agreement.

Have the attorney handle all legal matters, prepare petition, be ready to defend the Trust Agreement.

Arrange for probate of will (if necessary).

Locate witnesses.

File petition and oath.

Advertise as required by law.

Notify creditors.

Arrange for bond if necessary.

Assemble, Inventory, and Protect Assets

List contents of all safe deposit boxes.

Locate all of the decedent’s property, real and personal.
Consider supervision of decedent’s business.

Analyze business interests; decide whether to continue, liquidate, or sell; arrange interim management.

Prepare and file inventory of assets not transferred to trust, if required.

Ascertain if decedent owned property in another state.

Examine insurance policies on real estate and personal property. Have policies endorsed to trust and increase coverage if needed.



Determine Personal and Estate Tax Liability

Estimate cash needed to pay taxes, legacies, and other costs of estate settlement, select assets for sale to provide needed cash, being mindful of tax considerations.

File income tax return for decedent. Prepare for audit of income tax returns previously filed by decedent.

File fiduciary tax returns on estate during administration.

Find out if any credit is available against the federal estate tax for assets taxed in another state. Determine whether beneficiaries who receive property outside the Trust Agreement shall be required to pay their proportionate share of death taxes.

See that the supplemental and supporting documents are filed with return, such as copies of trusts established by decedent or financial statements of his business.
Ascertain lifetime gifts.

File state inheritance and estate tax returns as required, collect death taxes from beneficiaries if law requires.

Ascertain income tax basis of estate assets and furnish information to the beneficiaries.

Determine whether any insurance policies on decedent’s life, trust in which he had an interest or over which he held any powers, are includable in his estate for tax purposes.

Determine availability of relief provisions for closely held business or farmland.

Determine if administration costs can be deducted from the Federal income or estate tax.

Decide whether any trusts made by the decedent during his life, or gifts made by him, shall be included in his taxable estate.

File federal estate tax return, arrange for valuation of the estate, and determine whether estate is to be valued as of date of death or 6 months later.

Secure federal estate tax release so that distribution may be made as promptly as possible.

Distribute Trust and Make Final Settlement

In distributing assets from residuary estate, choose date that will result in income tax economy for the beneficiaries as well as the estate.

Ascertain if any assignments are on file, pay legacies and deliver specific bequests according to Trust Agreement.

Secure releases from beneficiaries and discharge from the court.
Prepare information for final accounting, including all assets, income and disbursements.

Study Financial Records of Decedent

Send notification of death to concerned insurance companies.

Decide whether jointly owned property is includable in decedent’s gross estate for Federal Estate tax purposes.

Obtain all canceled checks and brokerage records for past several years; secure production of insurance policies that are owned by others, or which are deductible items for marital deduction purposes.

Collect life insurance proceeds payable o the estate.

Make a comprehensive study of decedent’s financial and business interests for years immediately prior to death.

Study available employment contracts or any deferred compensation plans the decedent may have had, and determine whether or not payments are due to the estate.

Administer the Trust

Notify banks, investment brokers and other s f appointment as successor trustee.

Have appropriate assets appraised by qualified appraiser.

Observe market and investment conditions in reference to estate securities and keep a record of all transactions, income and expenses.

Pay just claims against estate and reject improper ones.

Ascertain whether to retain or sell securities, depending on the powers conveyed by the Trust, market conditions, and the need for cash to pay taxes, bequests, and costs.

Obtain waivers and releases as needed for transfer of securities and bank accounts.

Keep beneficiaries and others with proper interest informed of progress of estate settlement.

Inspect real estate, leases, and mortgages.

File claim for Social Security or veteran’s benefits that may be due.

Collect income, accounts receivable, and other funds owed decedent or estate.
Distribute household and personal effects according to Will or Trust Agreement.

Decide whether to include accrued interest on U.S. savings bonds in income.

Follow the management and finances of business interest and real estate controlled by decedent.