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Today (13th Feb 2022) Sunday is my last working date .Actually In Employee separation portal everything completed.Full and final settlement showing as Agent Clearance.I tried contacting HR but there is no response from them.My joining date in another company is tomorrow.So will it create any problem.Which date will be mentioned in my relieving letter either today or tomorrow.Helpline also down.WHAT EXACTLY I SHOULD DO NOW.Can anyone suggest?
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Serving as a Trustee (under a Trust instrument, or a testamentary Trust created by a Will subject to rules and supervision of a probate court) involves multiple responsibilities. You are a fiduciary that acts on behalf of the trust or estate for the benefit of the beneficiaries. When serving as a Trustee, you will likely be involved in making sure your aunt’s final debts, expenses, and taxes are taken care of. There will likely be an income tax return for the estate and/or trust as well. You will be tasked with collecting assets, assessing and paying debts, and then distributing assets to the appropriate beneficiaries (if a gift is outright), or maintaining assets in trust (if retained in trust) in accordance with the terms of the trust. I would make sure you confirm the beneficiaries, ask whether distributions to those beneficiaries are outright or in trust, and ask about the complexity of the assets involved. Some assets can be more of a pain to deal with than others. For example, if retirement assets are payable to a trust, that can create income tax complications. Gifts in trust (where you remain as a trustee) would be more work because you are maintaining assets longer term and making decisions about distributions to beneficiaries. As mentioned, you are entitled to a fee for serving, which in my jurisdiction, is typically a percentage of the value of the assets managed. It is income to you, and you must report it on Form 1040.
I would also say since you're not an attorney who practices in this area, hire an attorney who is. Don't think just because you're an attorney you can do it on your own without help. Those of us that practice in this area are here to walk you through all of it.
You absolutely still should hire an attorney when the time comes. There are way too many errors that you can make that would put you in liabilitys way. Since you don't practice in this area, you are not going to know what to do. I would venture to guess you aren't even capable of pulling an EIN correctly, no offense. I'd be surprised if you even knew you had to pull an EIN.
It depends on what state you are in. But basically it's essentially being a secretary to her (largely post death, but in some situations perhaps while she is alive but unable to carry out financial transactions herself). Assuming she does not have a complex real estate portfolio it should be relatively straightforward and it's a matter of dealing with banks and other institutions closing or managing her accounts and carrying out her final wishes. It's all written out, so you have a guide book and generally won't be in the position of making significant decisions.
This is correct. Also consider who the beneficiaries are though. Because they can be monsters, I mean truly despicable human beings. It's a red flag to me that you are being asked to do this position if you are not a beneficiary. But it is a "paid" position so there's that as well. If the beneficiaries are good people, there's probably no problem, if not though, I'd run.
In some states it’s not a great fact to be the executor if you are also a beneficiary
Executor and beneficiary is pretty normal. Executor/beneficiary but also drafted the docs would be a red flag.
I think I would ask her for a courtesy copy of her will or trust, as the case may be. Make sure you understand it while she is still alive; so you could request clarification or even revision if the document contains problems.