Trust administration/estate settlement involves carrying out the terms of a Revocable Living Trust after the trustor's death.
It's the successor trustee's role to file death claims, liquidating trust assets, and distributing the estate to the trust beneficiaries.
Prepaying for estate settlement helps avoid costly mistakes and delays.
At the time of passing, the Successor Trustee(s) is charged with administering the trust according to the terms of the Revocable Living Trust. Many people seek the help of a lawyer to handle the process for them, which will cost thousands of dollars, or a significant percentage of the estate's value.
If you are part of the ULTRA Estate Settlement Program, an ULTRA Advisor will work with your Trustee and Beneficiary(ies) to file death claims, liquidate trust assets if necessary, and distribute the estate to the trust beneficiaries.
Any taxes filed by the trust's trustee, the trust and the trust beneficiaries are charged by a tax professional and therefore independent from ULTRA Estate Planning program.
Most successor trustees have little experience settling an estate and can cause tax issues and legal problems. ULTRA can help with the trust settlement.
Estate Settlement Service Plan
(Click the tabs below for further details).
Real Property Documents
The most common documents are related to mortgages, deeds, easements, foreclosures, estoppels, leases, licenses, and fees, among other kinds of documents.
For qualified real property transfers from parent to child or grandparent to grandchild.
Establishing a Tax ID number with the IRS for the trust estate.
Notice to Beneficiaries
The notice to beneficiaries including a complete copy of the Trust which is required by law.