My mother passed away Oct 2012 in State of Maine leaving a Will and Revocable Living Trust
Agreement. ALL debts and taxes have been paid. Maine audits ALL Estates
exceeding one million dollars and the State is 18 months behind schedule. Maine received their Estate tax payment in July 2013 (9 months after date of death). I am keeping $50,000 in an Estate Checking Acct. as a safety measure in case they ask for more taxes when their audit is completed.
All disbursements have been made to the beneficiaries according to the Will and Trust, except for the $50,000 safety fund in the Estate Checking Account, which will be disbursed upon receipt of the Closing Letter from the State of Maine.
My question is: Can I, as personal representative and one of the beneficiaries, be in charge of the Estate Checking Account and close the Trust. I am having a difficult time finding someone to take the position of Trustee, other than an institution that charges exhorbitant fees. My accountant is handling all the tax matters, but is hesitant on becoming the Trustee. My sister and I had the original Trustee, Bank of America, removed because of their outrageous fees beiing charged to the remaining Trust funds in a money market acct. (Trust stated 2/3 of beneficiaries were required to do this). The person who took over for the Bank of America now wants to relinguish his duties as Trustee.
I am hoping I can go forward without a Trustee. I realize there is a liability that will fall on me if the State of Maine asks for more money than is in the Estate Checking account. I will have to ask my brother and sister for additional funds, but I foresee no problem with this. It is highly unlikely that the State of Maine will seek additional funds, if any, greater than $50,000. I would love to simplify my life and not have to deal with a Trustee at this point in time. May I legally close the Trust at this point in time?
Thank you very much for your time and advice in this matter.