Page 15 - Successor Trustee Handbook

Notify the next Successor Trustee as well as the beneficiaries of the Trust.
The people you will be required by law to notify and how you must notify them will
be determined both by the Living Trust document and state law, so you may want
to consult an attorney. (See the Chapter, “Transition to Another Trustee”).

Establish immediate control over the assets in the Trustor’s home. You may
need to place valuables in safe, locked places and you may even need to change
the door locks in order to prevent “beneficiary raids”. You may also want to write
down a simple inventory of personal items (not necessarily every little item in
complete detail), just in case beneficiaries start to “borrow” items.

Notify the Trustor’s financial counselor and accountant or tax preparer, or
use your own or obtain a new financial expert to assist you as Trustee. Decisions
may need to be made soon regarding sales and/or the repositioning of financial
assets, income tax planning, estimated income tax payments, and tax returns. A
new taxpayer identification number may need to be obtained for the Trust, unless
you are the Trustor’s spouse and you were already acting as a Co-Trustee. (See
the Chapter, “Income Taxes”).

Telephone the Trustor’s employee benefits office (whether or not he or she is
yet retired) with the following information: name, Social Security number, whether
the incapacity was due to accident or illness, and your name and address. The
company can then begin to immediately process any benefits to which the Trustor
may be entitled.

Look into any available federal or state benefits, such as Supplemental
Security Income (“SSI”), state disability income (“SDI”), Medicare and Medicaid.
Notify the local program office and provide the same information as in the
preceding item. You may need the assistance of an attorney who is an “Elder
Law” specialist to assist you in obtaining government benefits. Do not just assume
that no benefits are available or simply give up if the program office rejects your
benefits request. (Family First Firm can refer you to such a specialist). If the
Trustor served in the military, he or she may also have available certain benefits
through the Veteran’s Administration which you should check into.

Notify appropriate accident or disability insurers. Give the same information
as with the Trustor’s employee benefits office above and ask what further
information is needed to process your claim. If the Trustor’s inability to act is a
result of an accident where a third-party was involved, such as an auto accident,
you may wish to consult with an attorney about possibly pursuing a legal claim on
the Trustor’s behalf.

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