Ebook , by Margaret A. Munro Kathryn A. Murphy
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, by Margaret A. Munro Kathryn A. Murphy
Ebook , by Margaret A. Munro Kathryn A. Murphy
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Product details
File Size: 1606 KB
Print Length: 410 pages
Publisher: For Dummies; 2 edition (May 7, 2013)
Publication Date: May 7, 2013
Language: English
ASIN: B00CPL7P2S
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This book is mainly for wills not trusts. The problem with most of these books on trusts is that they are not clear on exactly how to administer one if you're the Trustee. They say vague things like, "Send the trust documents to the bank with your ID." Or they say beneficiaries can vote to remove a Trustee. How is this done exactly? These books are too vague on the actual mechanics of how all this works.And no, you don't send the entire huge binder of all the pages of a trust to every bank or financial institution. When you're the Trustee, you use the Trust Certificate (a two-page document) but NONE of the books I've read including this one, points this out.It's like Trusts are shrouded in mystery. No one seems to have any idea how they work.
As an executor who is also a trustee for a testamentary trust, I found this book to be very helpful in its explanations of how trusts work from beginning to end. Even though I consult with an attorney and a CPA, this book helps to fill in the blanks and to alert me to situations I need to follow up on. It also helps me in handling day to day trust administration rather than paying an administrator to do that. While there are many books that deal with Living Trusts, very few that I could find deal with a trust being established out of a will.
I know each person purchases a book with certain expectations but I just don't understand any significant criticism of this one. My brother-in-law and I have been working on our wives' mother's estate and trust for over two months and this book tells us everything we've learned the hard way. Read the book - or do it yourself and THEN read the book so you can rightly chastise yourself for being a 'Dummie'!Need to figure out if you, personally, have the skill and patience to administer a trust without professional help? Read the book.Need to settle an 'estate' outside that trust and wonder if you can take those assets through probate? Read the book.Getting back to the rare but perplexing criticism of this book, I must conclude those individuals are looking for a one-page 'checklist' of things they should do. Anyone who has actually administered a trust or estate knows that's ridiculous. Each trust and/or estate is unique. The common-sense assistance this book provides will tell you if you should be doing this yourself in the first place. It requires patience and significant organizational skill. You'll never spend a smaller amount of money to determine your ability to do this and if you choose to, it provides a pathway.Highly recommended.
I would not recommend this - it does not cover the potential situations in enough detail.I purchased "The Trustee's Legal Companion", from Nolo Press, at the same time, and that is much better.
I wanted to be fair in my review. It was well written - but even so, was way over my head. I did pick up a few tips to help me as I was navigating an Estate for which I was the Executor, but unless you already have a good handle on this - hire an attorney. (No, I am not an attorney)
This book is amazing and a super easy read. Good not only to read cover to cover but to quickly look up valuable information. Estates and trusts are incredibly complicated this book breaks it down simply and keeps your interest. I should know for a C.P.A. Dealing mostly in trusts and estates.
Chaotic organization. Would be better if estate and trust information were separated and explained, rather than mixed. I bought this to help me understand estate planning and the book jumped back and forth from estate planning to trusts.The subject itself is confusing enough, but jumping between the two subjects tends to make it more confusing rather than easier to understand. This book did not do much to help me. It does not live up to it's title in my opinion.
I ordered this book because we were going through a tough time. Having the whole process opened up and explained cleared up the confusion. I like the book so much because it goes through everything from the professionals you will need to hire to the tax issues. I would recommend this to anyone who has to deal with a will. I admit the trust portion of the book did not apply to us but I am sure it would be an equal five star help for anyone doing that as well. It is nice to have a book to make a hard time a lot easier.
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