The Six-Step Estate Administration Process
( 01 )
Estate Opening
The first phase is where the estate is opened, which includes obtaining an EIN, obtaining death certificates, notifying recipients, and opening an estate bank account.
( 02 )
Asset & Liability Discovery
The second phase is where we locate all assets and liabilities that are associated with the deceased person. This includes real estate, financial accounts, investment, personal property, and debts.
( 03 )
Asset & Liability Management
The third phase is where we manage and preserve the assets so they are available to honor any personal liabilities and debts. This may include transferring, retitling, or closing accounts.
( 01 )
Payment of Debts & Taxes
The fourth phase is where we actually pay any outstanding taxes with local and federal agencies as well as notify all debt holders that the decedent's estate is settling debts.
( 01 )
Asset Distribution
The fifth phase is where we distribute the remaining assets to the beneficiaries according to the terms of the will and/or trust document. Contested distributions can be handled at this phase.
( 01 )
Estate Closure
The sixth phase is where we close the estate by obtaining a final settlement letter from all taxing agencies and debt holders. This is also the phase where final tax returns are filed.
Questions Answered
What is estate administration?
Estate administration is the process of managing and distributing a deceased person's assets according to their will and/or trust. A typical estate administrator (1) opens the estate with the IRS; (2) identifies assets, debts, and beneficiaries; (3) pays the estate debts; (4) files the requisite tax returns; (5) makes final distributions to beneficiaries; and, (6) closes the estate. trustify's estate administration policy handles all of these aspects so you don't have to.
How much does trustify cost?
trustify offers affordable estate administration policies at just $39 per month.
How does an Estate Administration policy work?
Much like life insurance, trustify's estate administration policy is paid monthly during your life, and upon your passing, your trustify policy kicks in and our team of attorneys administers your estate from opening to closing, without your beneficiaries having to incur a single dime in legal administration fees. All you trustee has to do is call the number on your trustify policy folder to start the estate administration process.
What are the most common questions that trustees ask when they are settling an estate?
Who opens the estate with the IRS & State agencies?
Who locates the assets and completes all the asset transfer documents?
Who files the estate taxes and pays any outstanding debts?
Who registers the fiduciary with the IRS?
What type of tax returns do we file?
These are just some of the questions that trustify answers when we settle an estate that is covered by an estate administration policy.
How much do lawyers generally charge to administer a trust/estate?
Estate administration fees billed by an attorney generally run from $10,000-25,000 to administer an estate. That means the beneficiaries have to carve out part of their inheritances to pay for legal fees. Seems unfair to your beneficiaries. With an Estate Administration policy with trustify, there are no out-of-pocket estate administration fees incurred by your beneficiaries.