Introduction to Trusts and Trust Management

What is the purpose of gathering contact information of Beneficiaries and natural heirs in trust management?

• To update them about the trust's financial performance

• To ensure they are entitled to notice

• To request additional funds for the trust

• To invite them to the initial meeting

What document is necessary for a client to complete in order to obtain a new Tax ID for trust management?

• SS4

• W-9

• 1040

• 1065

Under the 6061 probate code, within how many days of decedent's death should the initial notification be sent to all beneficiaries and potential heirs?

• 30 days

• 45 days

• 60 days

• 90 days

What action should be taken if a trust is irrevocable and one spouse has passed while the other is incapacitated?

• Wait until the surviving spouse recovers

• Send notifications to the beneficiaries and heirs immediately

• No action is required

• Only notify the incapacitated spouse

What is a strategy to avoid when there is a grandparent/grandchild exclusion to assessment if a grandparent is passing property to a grandchild?

• Ensuring both parents of the grandchild are deceased

• Obtaining a loan for the trust

• Filing a change of ownership forms

• Recording an affidavit with death certificate

What is needed for a trust certification to Marshall bank accounts?

• The title of the trust and the trustee's full name

• The trust revocable status and trust EIN

• The trust's financial statements and performance reports

• The beneficiaries' consent and signatures

When is the estate tax return due after the death of an individual?

• 6 months after the date of death

• 1 year after the date of death

• Immediately after the date of death

• 9 months after the date of death

If a settlor has capacity and the trust is still revocable, who is entitled to an accounting?

• The beneficiaries and heirs

• Only the beneficiaries

• Only the trustor

• Both the trustor and the beneficiaries

What action should be taken upon the death of the first spouse in an AB trust?

• Redact the survivor's trust immediately

• Send the A trust info until the second spouse becomes incapacitated

• Redact the survivor's trust only if the second spouse becomes incapacitated

• No action is required

What is a recommended action to take when there is a disagreement with beneficiaries about selling property or liquidating accounts?

• Ignore the beneficiaries' opinions

• File a petition with the court

• Sell the property without court approval

• Liquidate the accounts immediately