Your loved one just passed away. You’re the Executor of the Will, and the death means that you are also the Trustee of the Trust.
Now what? Here’s what you need to know to get started.
Things to do as the Executor of the Will
either immediately or during the first few weeks:
Provide for the care of any dependents or pets
Hopefully, the caregiver was named in the Will.
Arrange for the funeral services
As per the person’s wishes.
Contact friends, family, caregivers and employers
Inform them of the death.
Start tracking finances
Keep track of any money received or spent on behalf of the deceased or from the estate.
Write the obituary
Publish it with the funeral home and other desired media.
Secure real estate assets
Get control of any real estate that your loved one owned, such as their home, business, rental property or commercial property. This includes getting the keys, changing the locks if necessary, and notifying the building or property manager and tenants. Let tenants know how and to whom rent is now to be paid.
Obtain certified copies of the Death Certificate
You will probably need at least 10.
Contact the appropriate government agencies
Such as the Social Security Administration, Medicare and the Veteran’s Administration (if applicable).
Gather contact information
Make a list of the names, addresses and telephone numbers of all of the heirs and named beneficiaries.
Create a list of personal and financial assets and debts
This includes bank accounts, credit cards, safety deposit boxes, investment accounts, mortgages, real estate taxes, car registration, insurance policies, etc.
Get online account information
If possible, compile a list of user names and passwords for online financial accounts, social media accounts, etc.
Deactivate the social media accounts
See our article on “what to do with your deceased loved one’s social media accounts.”
Contact the life insurance company
They will have forms for you to fill out.
Contact the attorney who prepared the Will and/or Trust
To discuss Will and/or Trust administration procedures.
Things to do as the Trustee of the Trust
The Trustee is the person responsible for managing the assets that are in the Trust. In this situation you are the Successor Trustee, meaning the person who takes over after the original Trustee (in this case, your loved one) can no longer be in this role
Your role as a Trustee is a fiduciary relationship between you and the deceased person. This means that you are legally required to do what is in the best interest of that person or, in this situation, that person’s estate.
As Trustee you must administer the Trust according to both its instructions and California law; perform your duties in an impartial manner, without favoring one heir or beneficiary over another; and preserve and protect Trust property.
Since you are administering the Trust for someone who has passed away, your ultimate job will be to distribute the Trust’s assets in the manner stated in the Trust. To do so you must:
Secure all of the assets
that are in the Trust.
Determine the liabilities
of the deceased and the Trust (i.e. find all of their bills, outstanding loans, other debts, etc.). If there are liquid assets in the Trust, use some of these assets to pay these debts.
Provide notice of the death
and the existence of the Trust to all of the heirs and beneficiaries named in the Trust. Ensure that these heirs and beneficiaries receive routine accountings of the Trust’s assets, liabilities, revenue and expenses during the distribution period of the trust administration.
Contract with a Trust Administration Attorney
and tax preparer for professional assistance.
Make all of the necessary distributions
to the Trust’s heirs and beneficiaries.
Close out the Trust
and trust administration.
Conclusion
If you just became the Executor of a Will, or you’ve taken over a Trust as Trustee, and don’t know where to start, contact local Estate Planning Attorney Paula Schaefer of at 714-340-7859 for a complimentary consultation.
This article is presented courtesy of Paula Schaefer, www.PaulaSchaeferLaw.com.