The differences between the role of a trustee and the role of a personal representative can be confusing because the lines often blur. These two roles are often fulfilled by the same person and have similar duties. However, there are also differences that are important to know when one is carrying out either of these roles. First, let us take a look at what exactly both of these roles are. … [Read more...] about Comparing the Roles of Trustees and Personal Representatives
"Sorting Household Stuff: A Guide for Personal Representatives" by Attorney Alex Pagnotta (Audio) At the death of a family member, there is a lot of planning for what happens to property after a person passes away. Having advanced plans will make life easier for loved ones after death and will allow more control over what happens to the decedent’s assets. After death, most estates must go … [Read more...] about Sorting Household Stuff: A Guide for Personal Representatives
If you are a Personal Representative or Trustee, the chances are high that you will want to settle the estate and distribute the assets to the beneficiaries as quickly as possible. However, there is just as much work that goes into distributing the assets from your estate after your death as there is in setting up the estate plan. Your loved one has spent a lifetime working hard for the … [Read more...] about Administering Estates During a Pandemic
Trust administration occurs when a person has created a trust as part of an estate plan and the trust creator passes away. Assets held in the trust transfer through trust administration, rather than transferring through the probate process, and the steps involved in facilitating the transfer of trust assets are very different than in probate. In Maryland, trust administration has … [Read more...] about How Trust Administration Works Better Than Probate
The attorneys at Sinclair Prosser Gasior can guide you through the many duties you have as trustee or personal representative when settling an estate. One of the duties of the trustee and/or personal representative of an estate is to make sure that all income tax returns have been filed for the decedent. This includes filing the final income tax return. Even though a person is no longer living, … [Read more...] about Final Income Tax Return
Death doesn't cancel a final responsibility: paying income taxes. A decedent's executor must file one last income tax return for the deceased if the deceased's income surpassed a certain threshold. And even if a return isn't required, a return may be necessary anyway to obtain a refund. The executor must take into account all the decedent's income — there may be a wide range of wages, Social … [Read more...] about Filing Taxes for the Deceased
As part of the estate planning process, many of us consider purchasing a burial plot in order to help ease our families with making difficult decisions regarding final disposition. Some of us already have burial plots that have been passed down through the generations as our grandparents bought plots for the entire family. However, situations such as divorce, family disputes, changes in religious … [Read more...] about How Can I Sell My Burial Plot?
"When Should Assets Be Distributed After The Death of a Loved One?" by Attorney Alex Pagnotta (Audio) If you are a Personal Representative or Trustee, the chances are high that you will want to settle the estate and distribute the assets from the estate to the beneficiaries as quickly as possible. However, if you distribute the assets too soon, you may be held personally liable. This could … [Read more...] about When Should Assets Be Distributed After The Death of a Loved One?
"Don’t Junk that Old Car Yet!" by Attorney Victor Lembo (Audio) Recently, the owner of a 1970 Ford Mustang put his car on eBay for sale. According to reports, the Mach 1 appeared to have faded paint and some wear and tear, but the true value of the vehicle was hidden. The Denver-based owner first used it in high school and sold it in 1984. However, he recently tracked it down and bought it back … [Read more...] about Don’t Junk that Old Car Yet!
"Why Do Heirs Prefer Trusts?" by Attorney Victor A. Lembo (Audio) Many individuals desire to have an efficient administration of their possessions and assets when they pass away. We all know there may be complexities in handling an estate after death, but most families want privacy and peace. Creating a trust will help provide your heirs or beneficiaries their inheritance in an effective … [Read more...] about Why Do Heirs Prefer Trusts?