I am the administrator of my parents' Trust who are now deceased. They both passed away in January 2014. Is there a deadline in completing the distribution of assets and closing out the estate?
Answer
There is no hard-and-fast deadline under the law, but trustees should act reasonably quickly to gather the assets and perform their other duties. If the task seems overwhelming, you should contact an attorney for help. The fees are usually paid out of the trust estate, and not by the trustee personally.
Answer
Keep in mind that the trust must file income tax returns every year in which it earns a minimum of $600 gross.
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