Legal Question in Wills and Trusts in California

Mom passed away, had a living trust. I'm the successor trustee what do I do now?


Asked on 9/05/09, 12:50 pm

1 Answer from Attorneys

Robert F. Cohen Law Office of Robert F. Cohen

I'm sorry for your loss.

Take a look at the trust document and figure out what your mom had intended to do with her stuff. Send a copy of the trust to all who might be beneficiaries of the trust.

Then, figure out what bills are outstanding and pay them from her assets. Of course, keep very accurate records of all bills and money you paid. You might even copy the checks you write. Also, if necessary, consult an accountant to figure out if a tax return will need to be filed next year. Set aside appropriate funds for taxes.

Only after you're certain all expenses are accounted for, you then can start distributing her assets in the manner she has directed. Of course, this is an oversimplification of the process. You might look online or at the library for self-help articles or books to learn about all of your duties and responsibilities.

By being the trustee, you have a fiduciary duty to the beneficiaries of the trust. You can't make speculative or imprudent investments, must maximize the growth of any funds remaining in the trust if it takes time to dispose of the assets, and should distribute the assets as promptly as is prudent.

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Answered on 9/05/09, 1:04 pm


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