TRUSTEE Tip Tuesday...Trustee-be-ware! As a general rule, the beneficiaries are paid only after all debts are paid...but there are exceptions.The funeral expenses and bills necessary to preserve the estate (utilities in the decedent’s home, homeowner and auto insurance premiums, etc.) should be paid as soon as the trust’s cash is available. You should review all of the decedent’s financial records and all incoming mail to determine whether the decedent had any debts. If you find a document that leads you to believe that there might be a debt, you must make reasonably diligent efforts (such as letters, phone calls, etc.) to determine whether or not this is the case. If you are uncertain, ask your attorney for assistance. You should not make any cash distributions to any of the beneficiaries without first discussing the matter with your attorney. Whether you ARE a trustee, have designated a trustee, or are in the process of planning, Trustee Tips are helpful for everyone to know. Call us and lets talk about it! #estateplanning #trustee #ocestateplans #willsandtrusts #family #debt #beneficiaries ocestateplanning.net/
Posted on: Tue, 04 Nov 2014 17:00:01 +0000
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