Some accounts or other assets may have been transferred immediately, such as checking and savings accounts. Other assets may take longer to identify, and work through the process of transferring. These can include real estate (particularly timeshares or out of state property), life insurance or accounts that were only more recently discovered. We also typically formally transfer title to vehicles, boats or other titled assets during this phase.

Following your Roadmap Appointment, we will begin implementing the roadmap plan. One of the most important objectives during Phase III is to obtain values for each asset and to consolidate and/or sell assets. Often, the sale of real estate, stocks or other assets will occur during this phase.

Valuation of each asset is important both for purposes of accounting to beneficiaries, and to provide accurate information to the accountant for preparation of the appropriate tax returns.

We are often asked if an informal valuation (website or agents “opinion” of value) is sufficient. The answer is almost always no, and we can provide further information and guide you through the process.

During Phase III, usually near the end once assets have generally been identified, it is important to meet with and engage an accountant who will assist with filing of returns and can help make strategic decisions regarding transfers and sales.

Some of the assets of the estate will likely be sold (and others may be kept, depending on whether the beneficiaries want to keep them and how the trustee wants to address each asset. Determining which assets are sold and which are kept can be obvious in some trust administrations, or quite tricky in others. This is an area where having good legal and tax counsel can be critical. In addition, having an experienced sales agent can be the difference between a smooth sale and a huge headache, or even huge liability.