My father passed away 2 weeks ago. After reading articles on the internet & making a few calls, I don't think we need a lawyer involved to settle his estate since his assets are already all in a revokable trust.
My brother & I are co-trustees and the only beneficiaries of the trust. He only had about $250,000 in a bank money market account & checking, and a about 50,000 in a stock fund all accounts are in the name of the trust. He had no real estate or personal property such as a car or belongings to divide. I've been taking care of his finances for years since he had dementia so I'm certain there's no lurking bills & his small life insurance policy just needs us to send the death certificate to pay it out.
There is no inheritance or estate tax in Kansas, the Johnson county probate court clerk said we didn't need to file with them since there's a trust,so all that's left is to contact the IRS to see what we might owe them.I can file his yearly income tax myself. The social security office said they'll remove his August payment since he didn't live through the entire month so I need to wait for that to happen & watch for all account activity to clear. At that time, can't I contact the bank to close the accounts without a lawyer?
1 Answer from Attorneys
Although it sounds like your situation is very clean, there are several tasks to complete to ensure there are no unpaid creditors (need to publish notice in a local paper). There is really no need to contact the IRS based on the fact presented. Also, the income tax related to trusts, while simple, is very different than normal income taxation. I would be happy to visit with you over the phone if you would like to call to discuss these matters further. You can then decide what, if any, additional legal assistance you may need.