Issue Seven Spring 2021

WHAT TO DO
WHAT AFTER TO TO CREATING DO DO
AFTER A TRUST CREATING
BASED
A TRUST A ESTATE BASED
PLAN
ESTATE PLAN PLAN
B R E N D A N L W A R D
B R EB NR DE AN N D AL N WL A WR DA R D
TRUST AND ESTATE ATTORNEY
TRUST AND ESTATE ATTORNEY
TRUST TRUST T: 781 AND 496 AND ESTATE 2017 ESTATE ATTORNEY ATTORNEY
T: 781 496 2017
E: BRENDAN@STANDARDLAWYERS.COM
T: 781 T: E: 496 BRENDAN@STANDARDLAWYERS.COM
7812017
W: WWW.STANDARDLAW.COM
496 2017
E: BRENDAN@STANDARDLAWYERS.COM
W: E: WWW.STANDARDLAW.COM
W: WWW.STANDARDLAW.COM
W: Estate
Estate Planning
Planning to
to Protect
Protect
Estate Estate Yourself
Yourself Planning Planning and
and Your
Your to Protect to Loved
Loved Protect
Ones
Ones
Yourself Yourself and and Your Your Loved Loved Ones Ones
Your Estate Plan is set up – now what?
Trust administration—and the many tasks associated with it—can be an overwhelming process, but here are
some steps you can take now to make sure the process is easier for those left behind when the time comes.
• Locate your estate planning documents (trust
document, will, etc.). You can help by letting
your trustee know where these documents
are kept and by giving the trustee contact
information for your professional advisors.
• Collect other important documents
such as insurance policies, real estate
deeds, car titles, bank and investment
account statements, and tax returns.
• Determine whether there are any debts to be
paid, make a list of debts and creditors, and
make arrangements to pay off the debts.
• Make a list of all the beneficiaries and their
addresses.
• Prepare a list of all your property, accounts,
jewelry, and other valuables and obtain a valuation
of these items. The trustee will need to
locate all property associated with the trust
and, over the course of the administration
process, will need to take the necessary steps
to change the names on any bank and investment
accounts. Every account and piece of
property owned by the trust will need to be
included on the list, as well as the value of
each account and piece of property as of the
date of your passing. For some types of property,
an appraiser may need to be hired to get
an accurate value.
• Understand which property and money are
included in the trust, and ensure that they
are allocated and transferred to your beneficiaries
in a way that reflects your intentions
as expressed in the trust. This will probably
involve the use of deeds or other transfer
documents. In addition, the trustee will need
to obtain signed receipts from each beneficiary
when the transfer of property or money
occurs.
You can be sure that your trust and other estate
planning documents continue to reflect your
wishes by reviewing them regularly. The property
you own and your family circumstances
frequently change. If you have not recently reviewed
your current property, trust funding and
choices of trustees and beneficiaries, you should.
Once you have ensured that your trust is up to
date and able to achieve your goals, it is a good
idea to schedule a family meeting. This meeting
will help assure your beneficiaries that your
trust is an accurate reflection of your wishes.
Not only will this provide you with the peace of
mind of knowing that your beneficiaries will not
be blindsided when you die, but it will also provide
them with an overview of the trust administration
process now rather than having to get
them up to speed during the emotional period
after your passing.
Attorney Brendan Ward is a Nahant resident and a founding partner of Standard Law, PLLC with offices
in Lynn, Peabody and Boston.
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