1) Accessing the Grantor’s Client Console. The credentials needed for logging into the Client Console as the trustee are the Client Console ID# and Trustee Password. If you do not have the Client ID# and/or Trustee Password, contact our office for assistance. Through the Trustee Login portal, you will be able to view/print everything in the Client Console but unable to edit/change anything. Upon logging into the Client Console (in the trustee mode) scroll down the left side menu bar and click on the Dyn/Trust Portfolio portal. Then click the Dynamic Trust Portfolio button and go to PDF page 3. There you will see the Portfolio Index with convenient hyperlinks to ALL of the Dynamic Trust Portfolio documents and strategic pages in the Portfolio. 

2) Verifying Identities of the Beneficiaries. After you review the Portfolio Index, click on the “Beneficiary Names/Distributions” hyperlink to identify the beneficiaries of the trust as determined in the “dispositive” article of the trust (that is > Article Four of the Sole Grantor Trust or Article Eight of the Co-Grantor Trust) and the Custom Trust Directives section of that same article. Additional dispositive terms may also be found in the Custom Trust Directives (Addendum) button located on the “Dynamic Trust Portfolio” page, which would be part of the administrative terms of the trust required to be carried out by (you) the trustee.

3) Understanding Asset Retitlement Protocol. After you have verified the names of the trust beneficiaries and the essential terms of the trust, your primary objective thereafter is to now carry out the transferring of the decedent grantor(s) assets, that were previously assigned to the trust by the grantor(s), to the beneficiaries of the trust as per the terms of the dispositive article and/or retain assets IN TRUST for on-going administration purposes when such is mandated by the trust. To fulfill your duties as trustee, you will therefore need to get the assigned-to-trust assets (re)titled to yourself as trustee of the trust so that you may sign and transact on such accounts. To do so, you must present the appropriate documentation, including the Certificate of Trust, to the respective transfer agents of each institution having current custody of the grantor’s assets. NOTE: A bank account is an example of a trust-assigned asset held at a custodial institution. Refer to Sections 12 & 13 for more specifics. 

4) Applying the Certificate of Trust Abstract. Institutional transfer agents will need and require documentation proving you to be the trustee of the trust before they can retitle the assigned assets to you as trustee. The “Certificate of Trust” (COT) document serves as an abbreviated abstract of the trust for that purpose and can be used in “copy form” for multiple applications. Using only the COT to prove the trust existence avoids inadvertent disclosure of sensitive information within the trust (such the names of beneficiaries and dispositive terms). For re/titling purposes, transfer agents need to know only (i) the name of the deceased grantor(s), (ii) the name & date of the trust, and (iii) the name & identity of the (successor) trustee of the trust. 

5) Locating/Printing the Certificate of Trust. In the Dynamic Trust Portfolio, scroll to the Portfolio Index (Page 3 of the Portfolio) and click on the Certificate of Trust link. Then select the COT pages to print from your PDF viewer module. It will also show that it’s been implemented by an electronic signature (ESIGN) – assuming the decease grantor[s] previously ESIGNed the Dynamic Trust Portfolio. NOTE: It may not be necessary to print the COT if you provide the Trustee Login access information to the transfer agents needing the information as they may view the same online. 

6) Obtaining/Applying the Death Certificate. In addition to the COT, the transfer agent will need certified documentation showing the identity of the person/entity currently serving as trustee in place of the grantor/trustee as a consequence of the grantor’s decease. That information must be provided to the transfer agents, along with the COT, in the form of the grantor’s Death Certificate. After the grantor’s decease has been recorded with the local/state vital records office, certified copies of the Certificate will be available upon request. 

7) Utilizing the Master Signatory Guarantor. The Master Signatory Guarantor (MSG) document, which is to be uploaded to the E-Vault Center portal after it’s been signed, functions as a “master signature application” page listing ALL of the documents of the Dynamic Trust Portfolio that were previously ESIGNed (including the respective ESIGN dates with time stamps) verified by the physical signature(s) of the deceased grantor(s) on the MSG. Although Nevada law statutorily recognizes “electronic trusts” without the accompaniment of signatory notarization and/or witnesses (NRS §163.0095), the physically-signed MSG provides express validation to address potential controversies with third-party vendors unfamiliar with the legality of ESIGN applications with respect to the estate settlement process. The MSG can be signed by the grantor(s) in front of a Notary Public, including with an optional Affidavit of Witnesses attestation, which provides sworn verification of the grantor’s electronic signature events if such may be requested by a transfer agent or county registrar/recorder office. 

8) Understanding the Funding Kit. The eStatePlan platform features a time-saving and efficient way for the grantor to fund his trust through the dynamics of The eStatePlan Funding Kit (NRS §163.002). The Funding Kit employs the convenience and efficiency of simply “electronically assigning” assets to the trust ONLINE through HTML Asset/Inventory Ledgers which are activated by the grantor’s electronic signatures (ESIGN). Along with the electronically-recorded ESIGN dates that legally enact the Funding Kit Ledgers, supplemental verifications of such ESIGN events are time-stamped and archived on the physically signed/notarized MSG document. 

9) Employing the Funding Kit as Trustee. Once you have secured the Certificate of Trust and the Death Certificate (described above), you are ready to apply the Funding Kit transfers to have those assets that were previously assigned to the trust by the deceased grantor(s) now to be (re)titled to you as the trustee of the trust. Clicking on the Funding Kit portal, brings up the “Funding Kit” page. Notice in that page there is a “FUNDING YOUR TRUST” link, which is connected to the “Funding Your Trust” document containing important reference information concerning the validation of the processes utilized in the Funding Kit. NOTE: The “Funding Your Trust” document provides legal references for transfer agents/vendors who may have questions regarding the efficacy of a grantor transferring assets to a grantor-trust utilizing the Asset-Transfer Ledgers and ESIGN applications in the Funding Kit. 

10) Locating All Assets Assigned to the Trust. If the grantor has assigned personal REALTY INTERESTS to the trust (i.e., to the trustee), such would be recorded under the “ESIGN for Realty Transfers” button (and the Spouse’s ESIGN for Realty Transfers” button – with a co-grantor trust). If the grantor has assigned NON-REALTY ASSETS to the trust, such would be recorded under the “ESIGN for Assets Transfer” button. If the grantor has intended to assign ASSETS PAYABLE to the trust, such assignments would be recorded under the “ESIGN for Assets Payable” button. Bring up the respective ESIGNed asset-transfer pages in order to print and for delivery to a transfer agent, or you may show the agent ONLINE through the Trustee Login portal. However, beneficiary-designation changes for insurance policies and other payable-in-death contracts are normally required to have been made at the institutional-vendor level, by the grantor, to affect the change. If that beneficiary (re)designation was not accomplished during the grantor’s lifetime, you can still present the ESIGN for Assets Payable” Ledger to the vendor institution. Depending on the governing contract, the vendor may otherwise accept the deceased grantor’s intent. 

11) Re-Assignment by Operation of Law. With the exception of payable-on-death accounts that have contractually determined beneficiaries, whatever assets that were assigned to the original trustee of the trust are now – by operation of law applied as a result of the grantor/trustee’s decease – (re)assigned to the successor trustee as identified and appointed in the trust. Therefore, the next mandatory step is to get the previously assigned-to-trust assets (re)titled in your name as the current trustee of the trust. You will then be able to sign on the retitled accounts as the currently-authorized trustee for administrative & conveyance purposes and on realty deeds as the deeds’ grantor for realty interest conveyance purposes. 

12) Acquiring Title to Non-Realty Assets. The Uniform Trust Code promulgates, and Nevada statutory law recognizes, the legality of assigning assets to trusts with an asset-assignment ledger technique including with the use of lawfully-recognized electronic signatures to implement the same. Therefore, after you have presented the ESIGNed “Account Assets Transfer to Trust” page (on the “ESIGN for Assets Transfer” button) to the transfer agents accompanied with the appropriate documentation prescribed earlier including the Master Signatory Guarantor pages (if implemented), the transfer agents will then have the properly referenced/documented legal authority to now retitle the trust assets to you as the (successor) trustee of the trust. 

13) Recording Title to Realty Deed Interests. In the same order, to transfer by deed the realty interests – that were originally assigned to the trust – to the beneficiaries of the trust or to a third party purchaser (and distribute the sales proceeds to a beneficiary[s]), you must first get your name as trustee on a grantor deed for its formal recording at the county recorder/registrar of deeds office in the county or parish where the realty property is located. That is accomplished by submitting the ESIGNed “Realty Interest Transfer to Trust” page (located under the “ESIGN for Realty Transfers” button) to the recording office along with the appropriate accompanying documents (described earlier). The recorder/registrar office will additionally require a filled out >> 

TRUSTEE AFFIDAVIT OF IDENTITY & OATH OF TRANSFER 

document, which pages are also hyperlinked to the Client Console “Funding Kit” portal. The self-explained AFFIDAVIT must be recorded along with the other prescribed documents including a new grantor deed showing you as the grantor/trustee conveying the property to the realty interest beneficiary(s) of the trust (or to a third-party purchaser if otherwise arranged). You may contact our office if you need assistance with the ordering and processing protocol of trustee deeds. 

14) Processing Grantor’s PostScript Page. The Client Console provides a convenient “PostScript Page” that allows the grantor to electronically record personal information, which you must also assess and administer on behalf of the grantor. That information includes (i) special thoughts or instructions to loved ones, (ii) post-mortem statements concerning funeral or burial directives; (iii) address and phone numbers of beneficiaries and/or other persons of importance; (iv) bankcard company(s) contact information; and, (v) digital accounts password information. Also, digitized assets and other (personal) electronic information fields are accessed primarily through password protected ONLINE portals; The eStatePlan platform provides such access via the Trustee Login portal using administrative applications in full compliance with the terms of the (ULC) Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA). 

15) Using the Attorney Validation Certificate. The Attorney Certificate of Validation w/Affidavit of Notice is an optional document available for use primarily by any natural-person successor trustee appointed to carry out the estate settlement duties of The eStatePlan. ALTHOUGH IT IS OPTIONAL, IT MAY BE AN ENTIRELY NECESSARY DOCUMENT in order to complete the estate settlement process without pushback from third parties. Because of the digitized and asset-assignment applications, custodial third-party administrators may require (for their records) an express Validation Affidavit from a Nevada-licensed attorney concerning the legal authority connected with the electronically-signed eStatePlan and/or the Funding Kit’s Asset Transfer Ledgers. To that end, the Validation Certificate can be used in conjunction with the other estate-settlement documents you are presenting to a third-party administrator. In fact, it should probably be the FIRST DOCUMENT to present. The trustee, or any other party, may obtain the Certificate (at no charge) through the Attorney Validation portal.

– CLOSING COMMENTS – 

Paperless Transitions. It is recommended that to utilize the online access features provided through the Trustee/Executor Login page in conjunction with the transfer agents you are dealing with to help make the transfer actions a “paperless” event. The utilization of paperless transitions as much as possible can save time when settling the estate. 

Estate Tax Liabilities. Rules governing federal and state estate (and inheritance) taxes regularly change; so it is recommended that you contact professional counsel if you have related questions since you can be held liable as the trustee/executor for any unpaid federal and/or estate taxes that may be due. Also, realize that certain state revenue departments may require a tax-report affidavit to be submitted by the trustee or executor within a certain time frame of the grantor/testator’s decease. 

When Probate is Needed. If the deceased grantor failed to assign all personal assets to the trust (or make payable to the trust), and that particular asset was not held in a Joint-Tenants-with-Right-of-Survivorship (JTWROS) format, then probate will likely be required of that asset. In such case, you will need to arrange for probate proceedings to have the court to first “prove the will” and then to transfer the (non-funded-to-trust) asset to you as the executor of the testator’s will. Professional assistance is recommended. 

Federal Income Reporting Elections/Filings. 26 USC §645 allows the trustee of a deceased grantor’s revocable living trust to classify the trust as a “qualified revocable trust” – so as to file the trust estate income tax return as if it were the decedent’s personal estate – if the trust estate is to be “wrapped up” within two years from the grantor’s decease. That may be advantageous since personal estates may use a “fiscal” (instead of calendar) year, which begins at the date of decease, for reporting purposes. Also, a 1041 fiduciary return will not be required if the trust/estate generated less than $600 of “gross income” for the fiscal year. In such case, it would not then be necessary to apply for a federal EIN (tax ID) since the reporting of earned income for the fiscal year, if under $600, would not be required. 

Trust Estate Settlement. A comprehensive Estate Settlement Package, which is available exclusively through the Client Console, can further help to facilitate both the estate settlement and wrap up process. If it was not acquired by the client, it can be purchased by the trustee through the Trustee/Executor Login portal. 

SEEK HELP WHEN NEEDED. Depending on the circumstances, an estate settlement can be a challenging and even daunting process. Personally-committed (although innocent) settlement errors and omissions can carry personal liability. If you have been appointed as the Successor Trustee but do not feel adequate or qualified to perform the duties then seek professional help. If you are concerned, don’t hesitate to employ a law office or a trust company to help you do what they’re trained to do. 

– Federal Estate Settlement Forms – 

Below is a list of certain estate settlement forms that may need to be filed with the IRS. (NOTE: This does not include any forms published by the state in which the deceased lived at the time of decease, which also may be required): 

• Form SS-5: Application for a Social Security Card

• Form 706: U.S. Citizen Estate Tax Return

• Form 706CE: Certificate of Payment of Foreign Death Tax

• Form 706NA: US Estate (and GST) Tax Return for Nonresident 

• Form 712: Life Insurance Statement of Deceased Insured

• Form 1041: Fiduciary Income Tax Return for the Estate 

• Form 2848: POA and Declaration of Representative

• Form 4768: Extension to File and/or Pay Estate/GST Taxes 

• Form 4808: Computation of Credit for Gift Tax 

• Form 4810: Request for Prompt Assessment 

• Form 5945: Request for Discharge of Personal Liability 

• Form 8821: Tax Information Authorization 

• Form 8822: Preparer Change of Address

• Form 8892: If Gift Tax Return (709) was not Filed

NOTICE: A Form 706 must be filed by the executor of the estate of every U.S. citizen or resident whose (i) gross estate, (ii) adjusted taxable gifts, and (iii) transfers exceeding credit limits total more than the exemption equivalent amount ($11.7M in 2021). Otherwise, it is not required. However, a 706 must be filed if the IRC §20.2010-2 PORTABILITY PROVISIONS applicable to the estate of a decedent survived by a spouse is ever to be used. The portability provision allows a decedent’s surviving spouse to utilize a deceased spouse’s unused exemption (DSUE) amount if needed to help shelter his or her own estate from federal estate tax. 

– States’ Estate & Inheritance Tax Information – 

In addition to federal estate tax, there are twelve(12) states that impose a “state estate tax” and six states(6) have an “inheritance tax”; Maryland requires both estate and inheritance taxes. The following is a state-by-state estate and/or inheritance tax table (NOTE: Thirty-three states require neither estate nor inheritance tax of their citizens): 

Estate Tax (only) States ➢ Connecticut, Hawaii, Illinois, Maine, Massachusetts, Minnesota, New York, Oregon, Rhode Island, Vermont and Washington (and Washington, D.C.) Estate taxes are imposed on the (trust) estate of the transferor. 

Inheritance Tax (only) States ➢ Iowa, Kentucky, Nebraska, New Jersey, and Pennsylvania. Inheritance taxes are imposed on the transferee/beneficiary of an estate. Note: Spouses and certain other heirs (e.g., transferor’s children) are generally excluded from inheritance taxes. 

• Connecticut: Estate tax of 10.8% to 12% on estates above $7.1 million

• District of Columbia: Estate tax of 11.2% to 16% on estates above $4 million

• Hawaii: Estate tax of 10% to 20% on estates above $5.5 million

• Illinois: Estate tax of 0.8% to 16% on estates above $4 million

• Iowa: Inheritance tax of up to 15%

• Kentucky: Inheritance tax of up to 16%

• Maine: Estate tax of 8% to 12% on estates above $5.8 million

• Maryland: Estate tax of 0.8% to 16% on estates above $5 million; and, inheritance tax of up to 10%

• Massachusetts: Estate tax of 0.8% to 16% on estates above $1 million

• Minnesota: Estate tax of 13% to 16% on estates above $3 million 

• Nebraska: Inheritance tax of up to 18%

• New Jersey: Inheritance tax of up to 16%

• New York: Estate tax of 3.06% to 16% for estates above $5.9 million

• Oregon: Estate tax of 10% to 16% on estates above $1 million

• Pennsylvania: Inheritance tax of up to 15%

• Rhode Island: Estate tax of 0.8% to 16% on estates above $1.6 million

• Vermont: Estate tax of 16% on estates above $5 million

• Washington: Estate tax of 10% to 20% on estates above $2.2 million

~ Nevada Electronic Trust Defined ~ 

Nevada Revised Statutes (NRS) 163.0095 et seq

NRS 163.0095 > Electronic Trust. 

1. An electronic trust is a trust instrument that: 

   1. Is created and maintained in an electronic record in such a manner that any alteration thereto is detectable;

   2. Contains the electronic signature of the settlor and the date and time thereof; 

   3. Includes, without limitation, an authentication method which is attached to or logically associated with the trust instrument to identify the settlor or is electronically notarized in accordance with all applicable provisions of law;

   4. Is subject to the provisions of Chapter 719 of NRS; and 

   5. Meets the requirements set forth in this chapter for a valid trust. 

2. Regardless of the physical location of the settlor, an electronic trust shall be deemed to be executed in this State and will be governed by the laws of this State and subject to the jurisdiction of the courts of this State if the electronic trust is:

   1. Transmitted to and maintained by a custodian designated in the trust instrument at the custodian’s place of business in this State or at the custodian’s residence in this State; or

   2. Maintained by the settlor at the settlor’s place of business in this State or at the settlor’s residence in this State, or by the trustee at the trustee’s place of business in this State or at the trustee’s residence in this State. 

3. Notwithstanding the provisions of subsection 2, the validity of a notarial act performed by an electronic notary public must be determined by applying the laws of the jurisdiction in which the electronic notary public is commissioned or appointed. 

4. The provisions of this section do not apply to a testamentary trust. 

5. As used in this section: 

   1. “Authentication characteristic” has the meaning ascribed to it in NRS 133.085.

   2. “Authentication method” means a method of identification using any applicable method authorized or required by law, including, without limitation, a digital certificate using a public key or a physical device, including, without limitation, a smart card, flash drive or other type of token, an authentication characteristic or another commercially reasonable method.

   3. “Public key” has the meaning ascribed to it in NRS 720.110.