If the decedent had established what is commonly referred to as a \u201cRevocable Trust,\u201d a \u201cLiving Trust\u201d or a \u201cRevocable Living Trust,\u201d in certain circumstances, the trustee may be required to pay expenses of administration of the decedent\u2019s probate estate, enforceable claims of the decedent\u2019s creditors and any federal estate taxes payable from the trust assets.<\/p>\n
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The trustee of such a trust is always required to file a \u201cNotice of Trust\u201d with the clerk of the court in the county in which the decedent resided at the time of the decedent\u2019s death. The notice of trust gives information concerning the identity of the decedent as the grantor or settlor of the trust, and the current trustee of the trust. The purpose of the notice of trust is to make the decedent\u2019s creditors aware of the existence of the trust and of their rights to enforce their claims against the trust assets.<\/p>\n
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All of the tasks that must be performed by a personal representative in connection with the administration of a probate estate must also be performed by the trustee of a revocable trust, though the trustee generally will not need to file the same documents with the clerk of the court. Furthermore, if a probate proceeding is not commenced, the assets making up the decedent\u2019s revocable trust are subject to a two-year creditor\u2019s claim period, rather than the three-month non-claim period available to a personal representative.<\/p>\n
<\/p>\n
The assets in the decedent\u2019s revocable trust are a part of the gross estate for purposes of determining federal estate tax liability.<\/p>\n","protected":false},"excerpt":{"rendered":"
If the decedent had established what is commonly referred to as a \u201cRevocable Trust,\u201d a \u201cLiving Trust\u201d or a \u201cRevocable Living Trust,\u201d in certain circumstances, the trustee may be required to pay expenses of administration of the decedent\u2019s probate estate, enforceable claims of the decedent\u2019s creditors and any federal estate taxes payable from the trust […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,5],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.duneganlaw.com\/wp-json\/wp\/v2\/posts\/376"}],"collection":[{"href":"https:\/\/www.duneganlaw.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.duneganlaw.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.duneganlaw.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.duneganlaw.com\/wp-json\/wp\/v2\/comments?post=376"}],"version-history":[{"count":1,"href":"https:\/\/www.duneganlaw.com\/wp-json\/wp\/v2\/posts\/376\/revisions"}],"predecessor-version":[{"id":377,"href":"https:\/\/www.duneganlaw.com\/wp-json\/wp\/v2\/posts\/376\/revisions\/377"}],"wp:attachment":[{"href":"https:\/\/www.duneganlaw.com\/wp-json\/wp\/v2\/media?parent=376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.duneganlaw.com\/wp-json\/wp\/v2\/categories?post=376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.duneganlaw.com\/wp-json\/wp\/v2\/tags?post=376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}