I've been appointed a trustee or executor of a trust or estate. What should I know to administer the estate?
Nutley, New Jersey estate planning and probate attorney, Brad Micklin, gives his advice to trustees and executors of trusts or estates.
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If you’re appointed to either an executorship of an estate or a trustee in a trust there are several things that I think you need to know. First, you want to know what the laws are concerning administrating these types of entities and that, obviously, you’re going to get best from talking to a lawyer. Second, you need to know the potential tax consequences to managing these properties, which I think you’re best to speak to an accountant. And then the third is going to be what are your actual responsibilities to both gather both the information and assets. And whether or not you’re going to be distributing or managing them you need to learn what your responsibilities are going to be and what you’re going to be doing going forward because both positions can be very long standing positions.