When a loved one passes away or is determined to be incapacitated with a living trust, there is a settlement process which needs to be completed by the individual who is nominated to be the successor trustee. Successor trustees must manage and administer the trust property according to the terms of the trust and pursuant to all applicable laws.
To properly administer a trust, successor trustees must fully understand the terms of the trust, the duties and responsibilities imposed by law, and the rights of beneficiaries and other interested parties. The steps involved in a Trust administration will vary depending on whether the death was of a single person, the first spouse in a marriage, or the death of the surviving spouse. Moreover, the steps may differ somewhat based upon the complexity of the assets and the size or value of the estate. Failure to properly administer a trust is an invitation for litigation and personal liability.
At Ewin Lambourne Law, APC, we have years of experience representing trustees throughout the Trust administration process and assisting trustees in making prudent legal decisions.