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Questions to Ask Yourself?
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Am I familiar with all of the income tax, estate tax,
inheritance tax, and gift tax returns that must be filed by the decedent
and by the estate and/or trust with all federal and state taxing
authorities?
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Am I familiar with all of the deadlines for filing the various
tax returns?
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What personal liability do I have as an executor, administrator
or trustee to taxing authorities and beneficiaries if I make an honest
mistake in administering an estate or trust?
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Am I familiar with my responsibilities as an executor or
trustee under the Prudent Investor Act?
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Am I familiar with my responsibilities as an executor or
trustee under the Principal and Income Act?
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Am I familiar with the procedure for obtaining a release of
liability from beneficiaries of the estate and from taxing authorities at
the conclusion of my administration?
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Am I familiar with the requirements of filing a notice of
probate and proof of service?
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Am I comfortable in preparing an accounting for all
beneficiaries of an estate?
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Do I have the time to
gather all of the estate assets, pay the
bills, prepare and file the necessary tax returns, comply with the
requirements of the Prudent Investor Act and the Principal and Income Act,
prepare and file the necessary accountings and make distribution to
beneficiaries of the estate?
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Do
I have the time to serve as trustee, to value all of the assets
distributed by the estate to the trust, do due diligence to be sure that
the trust assets do not include any liabilities for which I, as trustee,
would be personally responsible, to pay all of the trust expenses, to file
all of the necessary tax returns, to invest trust assets in accordance
with the Prudent Investor Act, to make interim accountings to trust
beneficiaries, to file all trust tax returns and to make distributions
upon the termination of the trust?
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