Inventory, Management, and Sale

What is the purpose of gathering contact information of beneficiaries and natural heirs in the initial meeting for trust management?

• To ensure they are aware of the trust's existence

• To update the list of assets in the trust

• To decide the tax consequences of transfer of property

• To record an affidavit with death certificate

What document is suggested to be completed by the client to obtain a new Tax ID# for trust management?

• SS4

• 6061 protocol

• Death certificate

• Ownership forms

According to the document, what is the recommended action if a married couple is involved in a trust and one spouse has passed away?

• Send notifications to all beneficiaries at the same time

• Wait for the statute of limitations to end

• File a change of ownership forms with county assessor

• Record an affidavit with death certificate

What is a strategy mentioned in the document for a beneficiary who wants to keep a house being distributed to multiple heirs?

• The beneficiary can buy out the others

• The beneficiary should wait for the statute of limitations

• The beneficiary must file a change of ownership form

• The beneficiary should record an affidavit with death certificate

What is necessary for a trust certification according to the document?

• A new Tax ID#

• A list of assets in the trust

• A trust certification to Marshall bank accounts

• Digital access powers in the trust

What is the purpose of recording an affidavit with a death certificate in trust management?

• To clear title

• To notify beneficiaries

• To obtain a new Tax ID#

• To reassess property value

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

• 6 months after date of death

• 9 months after date of death

• 1 year after date of death

• Immediately after death

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

• The beneficiaries and heirs

• Only the trustor

• Only the beneficiaries

• The trustor and potentially the heirs

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

• Redact the survivor's trust immediately

• Redact the survivor's trust only if there are conflicts of interest

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

• Nothing needs to be done until the second spouse's death

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

• Resolve the disagreement internally

• Ignore the beneficiaries' concerns

• File a petition with court

• Sell the property without court involvement