spdblondie
Junior Member
What is the name of your state (only U.S. law)? Missouri
My father passed last month, and named me as the Trustee. Luckily, he truly does not have that much to handle, however I still need assistance with a few items and want to ensure I am doing things properly. The attorney that drew up the Trust in 2003 honestly informed me she has not kept up with trust laws, saying they changed so much she truly isn't up to date. So, having said that - I am looking to you on this board for assistance.
My father (mother passed in 2007) legally has me as the trustee. His assets, ARE in the name of the trust and consist of two bank accounts (I am named on each of them as well) and his home, which is completely paid for. I have his house on the market as of a week ago. I know I need to maintain funds for any expenses (medical or otherwise) and I have been handling his checkbook for over a year now anyhow. He is not in debt to anyone. Other than the monthly expenses of maintaining his home I think I have handled everything necessary. I did call the IRS and have a TAX ID number, knowing I need to do a 1040 for the time period my father was alive, and have a 1041 completed from the day after his death through 12/31/2010. (Dad died 9/10/10).
Are there things I should be handling now?
Dad asked the following:
Each grandchild receive $1,000.00
Each great grandchild receive $500.00
This should bring the total to compensate them to $6,000 out of his trust.
The rest is to be split between myself and my two sisters, and a clause was written that I am to receive "customary" compension for handling the trust, however no amount was given. Does anyone know how you determine this compensation?
Dad has approximtely 35K between the two checking accounts, and his home will probably sell (lord willing) for about $120,000.
Are there things I need to handle now, and what should I be preparing myself for in the future.
Thank you so much.
Sandy in KC
My father passed last month, and named me as the Trustee. Luckily, he truly does not have that much to handle, however I still need assistance with a few items and want to ensure I am doing things properly. The attorney that drew up the Trust in 2003 honestly informed me she has not kept up with trust laws, saying they changed so much she truly isn't up to date. So, having said that - I am looking to you on this board for assistance.
My father (mother passed in 2007) legally has me as the trustee. His assets, ARE in the name of the trust and consist of two bank accounts (I am named on each of them as well) and his home, which is completely paid for. I have his house on the market as of a week ago. I know I need to maintain funds for any expenses (medical or otherwise) and I have been handling his checkbook for over a year now anyhow. He is not in debt to anyone. Other than the monthly expenses of maintaining his home I think I have handled everything necessary. I did call the IRS and have a TAX ID number, knowing I need to do a 1040 for the time period my father was alive, and have a 1041 completed from the day after his death through 12/31/2010. (Dad died 9/10/10).
Are there things I should be handling now?
Dad asked the following:
Each grandchild receive $1,000.00
Each great grandchild receive $500.00
This should bring the total to compensate them to $6,000 out of his trust.
The rest is to be split between myself and my two sisters, and a clause was written that I am to receive "customary" compension for handling the trust, however no amount was given. Does anyone know how you determine this compensation?
Dad has approximtely 35K between the two checking accounts, and his home will probably sell (lord willing) for about $120,000.
Are there things I need to handle now, and what should I be preparing myself for in the future.
Thank you so much.
Sandy in KC