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The Rules of the Road

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Lesson 4

7 min

The Secret to Success: Effectively Working with Beneficiaries

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Errors and Omissions Insurance

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Trustee Quicksand: Common Traps and How to Avoid Them

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The Secret to Success: Effectively Working with Beneficiaries

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Your Number One Rule: The Fiduciary Duty

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Lesson 1

Getting Your Head in the Game: Thinking Like a Trustee

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Getting Started

Chapter 1

Before We Dive In

Before We Dive In

Before You Commit

Chapter 2

Sizing Things Up: Should You Take the Job?

Sizing Things Up: Should You Take the Job?

What Is a Trust and How Does It Work?

What Is a Trust and How Does It Work?

What Does a Trustee Do?

What Does a Trustee Do?

Other Things You Might End Up Doing

Other Things You Might End Up Doing

Six Things to Consider Before Saying Yes

Six Things to Consider Before Saying Yes

Will You Be Paid for Your Time?

Will You Be Paid for Your Time?

Can You Be Held Personally Liable?

Can You Be Held Personally Liable?

What to Do When You Decide to Accept… or Decline

What to Do When You Decide to Accept… or Decline

If You Want to Resign

If You Want to Resign

The Rules of the Road

Chapter 3

Getting Your Head in the Game: Thinking Like a Trustee

Getting Your Head in the Game: Thinking Like a Trustee

Your Number One Rule: The Fiduciary Duty

Your Number One Rule: The Fiduciary Duty

What Can Happen if You Go Astray?

What Can Happen if You Go Astray?

The Secret to Success: Effectively Working with Beneficiaries

The Secret to Success: Effectively Working with Beneficiaries

Trustee Quicksand: Common Traps and How to Avoid Them

Trustee Quicksand: Common Traps and How to Avoid Them

Errors and Omissions Insurance

Errors and Omissions Insurance

You’re Not Alone

Chapter 4

Getting Help: Assembling Your Team

Getting Help: Assembling Your Team

Tax Professional

Tax Professional

Investment Advisor

Investment Advisor

Estate Organizer/Liquidator

Estate Organizer/Liquidator

Real Property (Real Estate) Professionals

Real Property (Real Estate) Professionals

Setting Yourself Up to Succeed

Chapter 5

Getting Organized

Getting Organized

Administering the Trust

Chapter 6

Getting to Work: A Checklist

Getting to Work: A Checklist

Order Copies of the Death Certificate

Order Copies of the Death Certificate

Find the Documents That Dispose Property

Find the Documents That Dispose Property

Study the Trust Document

Study the Trust Document

Register the Trust (Where Required)

Register the Trust (Where Required)

Find and Inventory the Trust Property

Find and Inventory the Trust Property

Value the Assets

Value the Assets

Secure and Protect the Trust Property

Secure and Protect the Trust Property

Get a Taxpayer ID Number for the Trust

Get a Taxpayer ID Number for the Trust

Establish a Bank Account

Establish a Bank Account

Let the IRS Know You’re in Charge

Let the IRS Know You’re in Charge

Notify the Beneficiaries

Notify the Beneficiaries

Send Notifications of Death

Send Notifications of Death

Get Property Titled in Your Name as Trustee

Get Property Titled in Your Name as Trustee

Determine What Happens to Property Outside the Trust

Determine What Happens to Property Outside the Trust

Open Probate (If Necessary)

Open Probate (If Necessary)

Use a Probate Short-Cut (If the Estate Qualifies)

Use a Probate Short-Cut (If the Estate Qualifies)

Collect Payables: Beneficiary & Pay-on-Death Proceeds

Collect Payables: Beneficiary & Pay-on-Death Proceeds

Tax Deferred Retirement Plans

Tax Deferred Retirement Plans

Pay-on-Death Assets

Pay-on-Death Assets

A Few Other Things to Know

A Few Other Things to Know

Pay Debts and Creditor Claims

Pay Debts and Creditor Claims

Taking Care of the Money

Chapter 7

Investing Trust Assets

Investing Trust Assets

Keeping Everyone Informed

Chapter 8

Providing Accountings

Providing Accountings

Understanding Taxes

Chapter 9

Taxes You May Pay as Trustee

Taxes You May Pay as Trustee

Taxes Beneficiaries May Pay After Receiving Their Inheritance

Taxes Beneficiaries May Pay After Receiving Their Inheritance

When the Trust Owns a Business

Chapter 10

A Word About Businesses

A Word About Businesses

Completing the Administration

Chapter 11

Distributing Property

Distributing Property

Personal Property

Personal Property

Everything Else

Everything Else

Minor Beneficiaries

Minor Beneficiaries

Disabled Beneficiaries

Disabled Beneficiaries

How to Distribute Specific Types of Property

How to Distribute Specific Types of Property

Keeping Some Money in Reserve

Keeping Some Money in Reserve

Getting Receipts From Beneficiaries

Getting Receipts From Beneficiaries

Closing Things Out

Chapter 12

Terminating the Trust

Terminating the Trust

Congratulations!

Chapter 13

Trust Administration: A Final Word

Trust Administration: A Final Word

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Bankruptcy: A Few Things to Know Before We Get Started

Eligibility: An Introduction

The Automatic Stay: Another Way to Say ‘Relief’

Bankruptcy and Married Couples: An Introduction

What Is Chapter 7 Bankruptcy, and What Can It Do for You?

Your Bankruptcy Estate: What’s Included, What’s Not

Your Debts: An Introduction

Equity and the Homestead Exemption

Preparing & Filing Your Bankruptcy Petition: An Introduction

A Look at the 341 Hearing

You Found a Mistake: Amending Your Petition

What Happens After Filing?

You Fail the Means Test

Understanding Your Bankruptcy Order of Discharge

Bankruptcy: A Final Word

Before We Dive In

Getting Your Head in the Game: Thinking Like a Trustee

Sizing Things Up: Should You Take the Job?

Getting Organized

Getting Help: Assembling Your Team

Getting to Work: A Checklist

Providing Accountings

Investing Trust Assets

A Word About Businesses

Distributing Property

Terminating the Trust

Trust Administration: A Final Word

What Is Estate Planning and Why Is It Important?

Estate Planning: A Few Things to Know Before We Get Started

How the Rest of This Course Is Organized: A Bird’s Eye View

Eight (or Nine) Estate Planning Documents Every Adult Needs

Understanding Your Will

How to Get Property Into a Trust

Disinheriting Someone

Things People Think Are Covered by Their Will or Trust, but May Not Be

What Are Estate Taxes and Will Your Estate Have to Pay Them?

The Disposition of Remains Document

The Durable Power of Attorney Document

Guardianship Designation for Minors

Three Health Documents Every Adult Needs: An Introduction

The Digital Diary

Reviewing Your Documents

Foreclosure Avoidance

Establish a Bank Account

Foreclosure Alternatives

Let the IRS Know You’re in Charge

The Right of Redemption

Notify the Beneficiaries

Send Notifications of Death

Get Property Titled in Your Name as Trustee

Determine What Happens to Property Outside the Trust

Open Probate (If Necessary)

Use a Probate Short-Cut (If the Estate Qualifies)

Collect Payables: Beneficiary & Pay-on-Death Proceeds

Tax Deferred Retirement Plans

Pay-on-Death Assets

A Few Other Things to Know

Pay Debts and Creditor Claims

A Word for Veterans, Reservists & Business Owners

Community Property States

Types of Bankruptcy: Is Chapter 7 Right for You?

Your Property Worksheets

Understanding Secured Debts… It’s All About the Liens

The Catch: If You’ve Bought Your Home Recently

If You Need Relief Immediately!

You Want Out: Dismissing Your Case

A Creditor Petitions to Have the Automatic Stay Lifted

Things That Could Still Affect Your Case

Your Number One Rule: The Fiduciary Duty

What Is a Trust and How Does It Work?

Order Copies of the Death Certificate

Taxes You May Pay as Trustee

Personal Property

What Is Probate and Should You Avoid It?

What Happens if Something Gets Left Out of a Trust?

Subsequent Marriages and Blended Families

Other Ways to Avoid Probate

How to Reduce or Avoid Estate Taxes

Other “Non-Legal” Things That Can Help Your Loved Ones

The Problem with Adding an Adult Child to Your Bank Account

The Health Care Power of Attorney

How to Sign Your Documents

The Median Test

Common Law States

Alternatives to Bankruptcy

Exemptions: The Key to Keeping Your Property (An Introduction)

What Happens to Secured Debts in Bankruptcy?

Tenancy by the Entirety States

Where Will You File for Bankruptcy?

You Want Back In: Reopening Your Case

An Exemption Is Disputed

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