Probate & Trust Law Section Conference Manual ... - Minnesota CLE

Estate and Trust Administration 101: Identification, Classification,
Collection, and Re-Titling of Assets
Cory Wessman
Erickson & Wessman, P.A.
Minneapolis, Minnesota
This summary is intended to assist attorneys with little or no experience handle the following
tasks routinely associated with the administration of an estate or trust following a death:
Initial Client Engagement and Information Gathering;
Identification and Classification of Assets; and
Collection and Re-Titling of Assets.
While not included in these print materials, please refer to the CD-ROM for a summary of the
following additional tasks routinely associated with the administration of an estate or trust:
Valuation of Assets;
Payment of Debts & Expenses;
Tax-Related Matters; and
Distributions to Beneficiaries.
INITIAL CLIENT ENGAGEMENT AND INFORMATION GATHERING
The first step is to meet with the decedent’s surviving family members (spouse and/or children)
in order to (1) determine the steps necessary to transfer ownership of the decedent’s assets and
(2) define the terms and scope of the legal representation. Unless the decedent’s surviving
spouse or dependent children does not have access to assets to pay for living expenses, I
encourage family members to schedule an appointment only when they feel emotionally ready to
proceed. 1 Once ready, the following matters should be addressed:
Obtain Basic Information About the Decedent
Most law firms have standard questionnaire forms used to obtain basic information about the
decedent, including names and contact information of family members, asset and liability
information, and other information summarized below. This type of questionnaire could be
provided to the surviving family members before or after this initial meeting. It may also be
helpful to obtain a copy of the decedent’s obituary before an initial meeting with the surviving
1 Surviving family members should provide themselves with sufficient time between the death and the first meeting.
Individuals in the early stages of grief will not be able to retain a large amount of information, or handle multiple
tasks at once. This is particularly true if the death was unexpected.
1