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What to Do When a Trustee Dies: Steps to Take

Woman with flowers near grave. When a trustee dies.

The death of a trustee can be a difficult and overwhelming experience, especially if you were close to them. However, it’s important to take the necessary steps to ensure that the wishes spelled out in the trust are carried out and the trust is managed properly. Here’s what you need to know about what to do when a trustee dies.

Review the Trust Document.

The first step to take when a trustee dies is to review the trust document. This document will outline the trustee’s wishes and instructions for managing their estate. It’s important to carefully review the document to understand the trustee’s intentions and to ensure that their wishes are carried out. If you have any questions or concerns about the trust document, it’s a good idea to consult with an attorney who specializes in estate planning.

Identify the Successor Trustee.

The first step in managing a trust after the death of a trustee is to identify the successor trustee. This is the person who will take over the management of the trust and ensure that the trustee’s wishes are carried out. The successor trustee is typically named in the trust document, so it’s important to review the document carefully to identify who this person is. If the successor trustee is unable or unwilling to serve, it may be necessary to appoint a new trustee. This process will vary depending on the specific details of the trust and the laws in your state, so it’s important to consult with an attorney who specializes in estate planning.

Notify Beneficiaries and Other Relevant Parties.

Once the successor trustee has been identified and appointed, it’s important to notify all beneficiaries and other relevant parties of the trustee’s death and the change in management of the trust. This includes notifying banks, financial institutions, and other entities that may be holding assets in the trust. It’s also important to provide a copy of the trust document and any relevant legal documents to the successor trustee and other parties involved in the management of the trust. This will help ensure that everyone is aware of their responsibilities and can work together to carry out the trustee’s wishes.

Seek Legal and Financial Advice.

When a trustee dies, it’s important to seek legal and financial advice to ensure that the trust is managed properly and in accordance with the law. This may include consulting with an attorney who specializes in estate planning and trust administration, as well as a financial advisor who can help manage the assets in the trust. These professionals can provide guidance on the legal and financial implications of the trustee’s death. They can also help ensure that the trust is managed in a way that is consistent with the wishes of the person who created the trust.

Take Inventory of Trust Assets.

The first step to take when a trustee dies is to take inventory of all the assets in the trust. This includes any property, investments, bank accounts, and other assets that were under the trustee’s control. It’s important to gather all relevant documents, such as deeds, titles, and account statements, to ensure that the assets are properly accounted for. This will also help determine the value of the trust and any potential tax implications. It’s important to work with a professional to ensure that all assets are properly accounted for and managed in accordance with the trust’s terms.

Don’t Leave Your Trust in Unsteady Hands – Take Action Today

When a trustee dies, you need a strong and knowledgeable legal ally. Our seasoned experts at Sudden Wealth Protection Law are here to guide you through the intricacies of trust and estate law, ensuring the protection of your interests and the trust’s assets. Don’t navigate these uncharted waters alone. Call 602-443-4888 to schedule your free, no-obligation consultation today. Let us empower you with the understanding and legal expertise you need to secure a stable future for the trust

ABOUT THE AUTHOR

Founding attorney Paul Deloughery has been an attorney since 1998, became a Certified Family Wealth Advisor. He is also the founder of Sudden Wealth Protection Law.

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