| This is a brief checklist for those serving as trustee of a living trust after the death of the grantor, settlor or creator of the trust.
1. Collect all estate planning documents and other important records of the deceased, including:
Last will and testament, living trust, and certificate of trust;
Several certified copies of death certificate from funeral home or vital records office;
Insurance policies, annuity contracts, pension plan statements, IRA and 401k account statements, and related policies and retirement plan documents;
Birth certificate and social security number;
Marriage license, divorce decree, and property settlement agreement if applicable;
Most recently filed federal and state income tax returns;
Documentation of military service, such as serial number and veteran’s discharge papers;
Trust transfer deeds, other real estate deeds, and title to vehicles; and
Financial statements, account statements, and other financial records. 2. Refer to our Executor Checklist for estate administration if you are also serving as executor or personal representative of the deceased person’s estate.
3. Review the trust agreement thoroughly for information regarding your powers as trustee and the limitations on your authority. Post bond if required. Consult a trusts and estates attorney to ensure you fulfill your duties as trustee in accordance with applicable law. See finding an attorney. If the living trust contains marital deduction provisions or bypass trust provisions, it is essential to consult an attorney and a tax professional before taking any action regarding trust property.
4. Secure all trust property. Review the contents of any safe deposit boxes held in the name of the trust. Create an inventory of property, accounts, and other assets in the trust.
5. Meet with an attorney and tax advisor. If the trust property includes stocks, bonds, limited partnerships, a business, rental property, or other investments of significant value, consult a financial planner in addition to an attorney and tax professional. See find a financial planner. Manage trust investments prudently. You may need to open a brokerage account or other investment account to hold securities owned by the trust or invest trust funds. See how to open trust account.
6. Establish a bank account for the trust.
7. Apply for insurance proceeds, employment compensation, government benefits, and other types of benefits that are payable to the trust, such as:
Annuity contracts;
Death benefits on a life insurance policy; and
IRA’s, 401k’s, 403b’s, 401a’s, and pension plans.
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