Trust Administration

When a person dies leaving a trust into which he or she, as “trustor,” has transferred assets (such as a home and various financial accounts) and has appointed a trustee to pay his or her bills and administer (manage) the trust on his or her death, we can assist the new trustee in “settling” the trust. This means doing all things necessary to enable the trustee to transfer the trustor’s assets (or interests in such assets, and/or cash from the sale of various assets) to the trustor’s intended beneficiary(ies), as called for by the terms of the trust. 

In this connection, here are some of the specific things we may do (depending on each particular situation): 

  • Help the trustee inventory the decedent’s trust estate
  • Provide legally required notices to beneficiaries and other heirs for a trust which has been irrevocable upon the death of the trustor
  • Obtain new federal tax identification number(s)
  • Clear the decedent’s name from any titled assets
  • Assist in dealing with the decedent’s debts
  • Assist in the transfer of the particular estate assets to the rightful beneficiary or beneficiaries
  • Prepare federal estate tax return if required/or desired to assure portability of the unused federal exemption amount belonging to the estate of the first spouse to die
  • Assist in preparing a trust accounting for beneficiaries to the extent required