The Trust Administration services we provide direct, guide and support the Successor Trustee(s) in the legal implementation and completion of his/her responsibilities as a named fiduciary of the Trust.
There are three main responsibilities of the Successor Trustee:
- Make an inventory of the assets.
- Pay debts and taxes.
- Distribute the remaining assets to the designated beneficiaries.
We assist you in implementing and completing:
- Inventory of Assets
– Make of list of assets with the decedent’s date of death value of each; determine if all assets have been transferred to the Trust.
Any assets not transferred to Trust may have to be probated.
– Determine the size of the estate at the date of death.
Appraisals may have to be obtained for items such as real estate and stocks.
– Checking safe deposit box for assets and special instructions.
– Arranging for mail to be forwarded to your address.
- Pay Debts and Taxes
– Obtain Employer Identification Number (EIN) for trust
– Open checking account/bank account(s) for your use as Trustee to pay debts, deposit income and receipts and make distributions.
– Determine which debts are outstanding and decedent’s liability.
– What to do with outstanding mortgages, property taxes.
– Canceling of credit cards
* Estate Tax: Consultation required with a CPA to finalize value of estate.
* Income Tax: Consultation with CPA to file income taxes in year decedent died.
* Final asset distributions after any required taxes paid and IRS certification received.
– Receipt of Death Certificate & required notifications.
– Review of business agreements for action, dispositions and benefits.
- Distribution of Assets
– Notification sent to all beneficiaries within 60 days of DOD.
– Identification of any lifetime gifts.
– Determine if any assets are to remain in the Trust.
– Assure distribution and receipt of distribution follows all legal parameters.
– Determine if any part of the trust is irrevocable.
– Decisions regarding whether or not assets are to be distributed, sold, converted to income and the payment of taxes, if any.
- Maintenance of accurate records.
- Trustee Compensation
Determine if Trust allows for Trustee compensation and what the rate of compensation will be.
- Proper accounting maintained.
There is a lot to do as a Successor Trustee. Contact us to learn more about how we can specifically help you.