Successor Trustee Handbook There is an abundance of information on creating revocable living trusts. There are seminars, classes, newspaper and magazine articles, and books on the subject; however, there is very little information available on estate administration – the process of settling the estate after the death of one or both of the trustors. Bezaire, Ledwitz and Associates has more than 9,000 clients with revocable livings trusts and believed it was necessary to provide a practical guide for the Successor Trustees of those trusts. The Successor Trustee is the person who is named in the trust document as the successor to the Initial Trustee. Usually, the person who creates a revocable living trust names himself or herself as the Initial Trustee and continues to act as trustee until his or her death. The Successor Trustee assumes control of the trust when the Initial Trustee passes away or is unable or unwilling to act. More often than not, the Successor Trustee is the spouse or child of the Initial Trustee, although the Successor Trustee could be anyone, including a bank. Since every estate is unique and there are literally hundreds of potential issues in administering any estate, it is impossible to determine in advance exactly what will need to be done when an Initial Trustee passes away. To keep this handbook brief, interesting and practical, we limited the scope of this booklet to only the most common estate administration issues. Please note that there are many issues that we could not discuss at all and some of the ones we chose to discuss are not necessarily discussed in depth. Therefore this handbook should not be used without also consulting a qualified estate administration attorney. We offer an initial consultation at no charge to the Successor Trustee. It is important for you, the Successor Trustee, to read the entire handbook before beginning the estate administration process as the issues are not necessarily discussed in the order that they are performed. It is possible that an item towards the end of the handbook may need to be done very early in the estate administration process. Administering an estate is substantially less expensive than a probate and requires dramatically less time than a probate; nevertheless, an estate administration can still be overwhelming. We hope that you will find this handbook helpful. A complete estate administration can be divided into five general phases: 1. WRAPPING UP THE DECEDENT’S FINANCIAL AFFAIRS Each of these phases is addressed in the handbook, although not in any particular order. It is crucial that all requirements of an estate administration be completed properly. The ramifications of an incomplete or improper administration can be staggering and may not be discovered for many years. |