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.
  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.
  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.
  4. Maintenance of accurate records.
  5. Trustee Compensation
    Determine if Trust allows for Trustee compensation and what the rate of compensation will be.

  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.