You got this, Trustee!

A family member has just passed away and now you have approximately one million decisions to make within the next three hours! Or so it feels! Writing an obituary, making the funeral plans, cremation or burial arrangements, and coordinating with relatives, clergy, friends, family, and more - it can be a lot. There is barely time to grieve let alone think about your duties as the new Trustee. It becomes overwhelming quickly. Where do you start?

You're diving into the exciting world of Trustee tasks! No need to panic, most of the time you won't need a superhero attorney by your side. However, having some professional advice handy can be a game-changer as you juggle tasks like playing the stock market with trust funds, battling the evil tax forms, writing reports that put Shakespeare to shame, and teleporting property into the trust realm. Oh, and don't forget about setting up those sub-trusts for the little ones or the quirky beneficiaries.

Depending on the trust's demands and how fast you can pay off debts and dish out the goods, you could be out of there in just a few months. But hey, sometimes these trusts have a mind of their own and decide to stick around for years, leaving you, the Trustee to keep the party going. If you're stuck playing the long game, fear not! Your legal squad can swoop in and make things a bit more bearable. Just a few powwows with your attorney, CPA, and money guru, and you'll be on your way to taming that trust beast!

What of the Will and the Executor thereof? It is likely, Trustee and Executor are one in the same. However, if not, it's crucial for you, Trustee, to buddy up with the Executor to handle the estate drama. The Executor might have to go through the whole probate court thing to sort out the mess and transfer assets to the trust if that did not happen while Mr. or Mrs. Trustmaker was alive. Usually and hopefully, the language in the Will and the Trust will jive together so that Trustee and Executor can at least end up on the same page during and after probate.

In the wonderful world of Trustee duties, emergencies are rare! That's the idea of the trust. So, take a deep breath, relax, and whip up a fab administration plan. Here's a list of important tasks to get you going:

TRUSTEE CHECKLIST

• Find the original signed copy of your loved one’s Will and Trust.

• Get multiple copies of the death certificate - 10 is sufficient. Let the mortuary help you if they offer!

• Notify the Social Security Administration of the death.

• Acquire a tax number for the trust or estate (this can be done quickly and for free at irs.gov) or we can help you if you'd prefer.

• Identify and notify the beneficiaries and heirs (they are entitled to see a copy of the trust/will).

• Notify any state agency or employer if the decedent was receiving benefits.

• Make an inventory of the trust’s assets; accounts, investments, retirement funds, real property, personal property, business holdings, etc.

• Get an appraisal of the assets as needed. You, as Trustee, will be making a report for all beneficiaries so it's helpful to get a complete and accurate accounting of everything in the estate.

• Review the estate’s financial information with a CPA. A final tax return may be required.

• Secure and protect the estate’s home and personal property so things don’t disappear!

• Determine if there are any outstanding debts or creditors of the estate.

• Create a payment schedule for debts. The estate owes these but not the Trustee or beneficiaries. Often creditors will negotiate or forgive debts, so become a deal maker!

• If necessary, work with the Executor to move assets to you as Trustee.

• Calendar important payment deadlines like property tax payments.

• Put together a filing system to organize all the documents you’ll be collecting.

• Set a regular schedule for updating the beneficiaries and check for statutory minimum requirements.

• Contact a trust administration attorney to help you along. You don't have to carry the burden alone!