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What is involved in paying debts and taxes?

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    The assets of a trust revocable by the settlor at death are subject to claims of creditors and to payment of expenses of administration if the settlor’s estate is insufficient. Therefore, it is necessary to collect information on the nature and amount of the settler’s outstanding liabilities. Be sure to determine the amounts of debts and outstanding loans and whether they are secured or unsecured as well as identify any potential creditors with contingent claims. Also, determine whether the settler is a defendant in any lawsuits pending at the time of death.

    Furthermore, it is important to cancel all credit cards and notify credit-reporting agencies. Mutilating all the settlor’s credit cards and returning them promptly to the issuers with a statement of the date of death will achieve this. Similar notices should also be sent out to traders and business firms from whom the decedent made purchases on credit. It is also a good idea to enclose an extra copy and ask that a receipt of the notice be acknowledged by signing and returning the copy.


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