What Are My Duties as Trustee?
Step-by-step guide for administering a trust after the grantor passes away. Answer a few questions to get a personalized checklist for your situation.
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Answer a few questions to get a personalized checklist for settling an estate.
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This checklist provides general guidance for estate settlement. Requirements vary by state and circumstance. Consult a licensed attorney for legal advice.
No Court Required
Trust administration is private. No probate court involvement means faster distribution to beneficiaries.
State-Specific Deadlines
Beneficiary notification requirements vary by state. Get the right deadlines for your situation.
Fiduciary Guidance
Understand your duties as successor trustee including record-keeping, asset management, and distributions.
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Frequently Asked Questions
Your immediate priorities are obtaining certified death certificates (request 10-15 copies), locating the original trust document and any amendments, securing trust assets, and reviewing your duties under the trust terms. You should also notify beneficiaries of the grantor's death.
Yes, properly funded trusts avoid probate. Assets titled in the name of the trust pass directly to beneficiaries according to the trust terms without court involvement. This is one of the main advantages of a living trust over a will.
Trust administration typically takes 6-12 months for straightforward situations. Complex trusts with multiple beneficiaries, real estate, or ongoing trusts for minor children may take longer. Unlike probate, there is no mandatory waiting period for creditor claims.
Yes, most states require successor trustees to notify beneficiaries within a specific timeframe (often 60 days) after the grantor's death. The notice must include your identity as trustee and information about the beneficiary's interest in the trust.
Yes, trustees have fiduciary duties to beneficiaries. You can be held personally liable for mismanagement, self-dealing, failure to account, or distributing assets without paying known debts. Keeping detailed records and following the trust terms carefully helps protect you.
Yes, after the grantor dies, an irrevocable trust needs its own Employer Identification Number (EIN) from the IRS. You cannot use the grantor's Social Security number after their death. Apply online at IRS.gov.
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