What We Do After a Client Has Passed Away
When someone passes away, you should take various legal steps to carry out the directions of any will or trust.
And to comply with legal rules that will determine if, down the road or shortly after death, a person will be willing to buy assets that were formerly owned by the deceased.
If a will is involved, it is called probate. If a trust is involved, we call it post death administration.
When a trust had been created, the trust would have named a successor trustee to manage the trust and a beneficiary (or more than one) to receive the benefits of the trust.
Managing a trust comes with legal duties provided by both statute and the trust terms. Among these duties are:
Trust administration depends on the particular circumstances, with different treatment of:
There are times when a trustee may require assistance in managing a trust:
When a grantor passes away, a successor trustee takes over trust administration.
Managing a trust can be time-consuming and overwhelming when dealing with the responsibilities and emotions caused by the death of a loved one.
We can help you, the trustee, so that the responsibilities of trust administration are more manageable.
The successor trustee can be held personally liable by the beneficiaries if they do not meet the requirements of the trustee as set out by the trust.
If a settlor/trustee becomes incapacitated and unable to manage the trust, a successor trustee takes over trust administration. They should: