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My father has passed and I'm the executor of his trust. It…

My father has passed...

My father has passed and I'm the executor of his trust. It was a revocable trust and he lived in Ohio. I need guidance in administering the trust. Specifically, what forms (state and federal) need to filed as I manage the assets. There are only two beneficiaries. I live in Pennsylvania.

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

As I said, he lived in Ohio and I am in Pennsylvania. The trust was written in Ohio.

Lawyer's Assistant: Has anything been filed or reported?

The funeral director notified the IRS. I have notified TIAA the financial firm holding his investments. I also now have an EIN for the trust... Hmm, that's about if save incidental organizations.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I guess it was Social Security that he notified.

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Answered in 5 minutes by:
3/8/2018
Law Educator, Esq.
Category: Estate Law
Satisfied Customers: 125,787
Experience: Experienced in Trust and Succession Law, including Louisiana Laws
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Once your father died, the revocable trust became irrevocable and you are the trustee. Actually, you would need to have a trust attorney in OH to assist you with administration of the trust, but there are no "forms to file" generally. The trust is governed by the terms written in the trust, so what you need to do is first read the trust to see what it tells you to do upon death of the grantor.

You have the EIN on the trust and you as trustee will have to file annual tax returns on the trust for trust income. If the trust says to make disbursements to the beneficiaries, then you need to gather up all of the assets in the trust, pay off any debts, make a financial accounting showing where all the money came from and went and then make distribution in accordance with the terms written in the trust.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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Customer reply replied 4 months ago
Thanks. I have now spoken with 3 different attorneys and am not very satisfied with their input so far. Why do I need an attorney at all? Yes, yes I know it's a good idea to have professional support, but I've tried and I know more than they do in several areas.

Thank you for your reply.

I understand. You do not NEED an attorney, but many people may want one, so that is why we have a duty to suggest it.

If you are comfortable as trustee to manage the trust in accordance with what is written in the trust and file annual tax returns for the trust and make distributions, then you do not need any attorney.

When you make distributions, you need to disclose the financial statement annually to the beneficiaries and you need to have them sign a statement that the finances have been disclosed and that they waive any claims against the trustee for distributions made by the trust in accordance with the trust terms.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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Customer reply replied 4 months ago
Good, this is helpful. How do I disclose the financial statement to the beneficiaries ?
Customer reply replied 4 months ago
I already have given you 5 stars. Just waiting till we finish to submit.
Customer reply replied 4 months ago
How can I save you as a favorite (or equivalent) so I can request your help again in the future?
Customer reply replied 4 months ago
Hello, are we still connected? Can you answer my last question about how to disclose?

Thank you for your reply.

You write the financial statement up, it is a asset and debt sheet and send a copy to the beneficiaries. So once you write up the financial statement, you just copy it and send it to the beneficiaries.

I do not know how the site sets it up, but I think you can mark me as favorite in your account settings, if not you need to check with customer service on that. Also, you can always ask for me by name by typing "For Law Educator Only..." in the subject line of any new question.

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Sorry for the delay, but we work with multiple customers at one time and as such replies can be delayed.

Law Educator, Esq.
Category: Estate Law
Satisfied Customers: 125,787
Experience: Experienced in Trust and Succession Law, including Louisiana Laws
Verified
Law Educator, Esq. and 87 other Estate Law Specialists are ready to help you
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Customer reply replied 4 months ago
Last question and I'll let you go. You have been helpful. I understand that there is a thing such as a K-1 form. Is that what you also thinking of. Again, I appreciate your reply and understand you are working several clients. :^)

Thank you for your reply.

The K-1 is not the financial statement, that is the annual trust income statement (like a 1099) to each beneficiary with their earnings from the trust. Here are some sample financial report spreadsheets with explanations: http://www.dummies.com/personal-finance/estate-planning/how-to-produce-annual-trust-accounts/

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Customer reply replied 4 months ago
Great, thanks. Have good day!!

Go look in the new question you posted, so you can leave positive feedback again there, since you are a member that will not cost you extra

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