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:

  1. Make an inventory of the assets.
  2. Pay debts and taxes.
  3. Distribute the remaining assets to the designated beneficiaries.

We assist you in implementing and completing:

  1.  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.
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  2.  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
    – Taxes
    * 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.
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  3.  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.
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  4. Maintenance of accurate records.
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  5. Trustee Compensation
    Determine if Trust allows for Trustee compensation and what the rate of compensation will be.

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  6. 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.