What is the most critical step in a Trust administration process?
A. Probably the most critical step in the Trust administration process is to prepare a complete inventory of the estate to determine the fair market value of all assets and to determine exactly how each asset was titled. Fair market value must be determined for the tax reasons discussed above. The titles must be determined to see if a probate will be required. Assets held inside the Trust, under a Right of Survivorship feature or with a Beneficiary Designation will not be required to go thru probate. However, assets in the name of the decedent alone may trigger a probate if the total value of such assets is over $50,000.