If you have a Trust, be sure to review the list of items below:
- Review your Trust document. Things change so it is important to make sure you don’t have any outdated language, or language in the Trust that is no longer applicable.
- Trust assets. Only assets that are titled in the name of the Trust are Trust assets. Be sure your Trust is funded with the appropriate assets, as permitted by the language of your Trust document.
- Recordkeeping. Keep track of your Trust assets, expenses, tax implications, capital gains, income, and other fiduciary considerations.
- Beneficiaries. Be sure to keep your beneficiary information up to date and make the appropriate disbursements before the end of the year.
This is not an all-inclusive list. Consult with your estate planning attorney and your accountant if you have any questions regarding your Trust administration.
-Emily A. Helmick, Esq.