Page 25 - Successor Trustee Handbook

CHAPTER 5

CHECKLIST OF IMMEDIATE ACTIONS UPON
UPON THE DEATH OF AN INDIVIDUAL

(OR THE SURVIVING SPOUSE)

This Chapter is designed to enable you, the person named as the “Successor
Trustee” in someone’s Living Trust, to handle the affairs of the Trust when the
Trustor is an unmarried individual, or a widow or widower (and is now the second
spouse to die). You may be the child of the deceased Trustor, or a distant
relative, friend or independent third-party stepping in. This is not intended as an
exhaustive or detailed list of all the actions which should be taken by you as
Trustee. Rather, it is intended to give you a brief, general checklist which will
help you immediately step in and handle those items that demand your attention
first. After reviewing this checklist, it is recommended that you then read
through the rest of this Manual (beginning at the Chapter, “Reviewing the Trust
(and Other Estate Plan Documents)”). These other portions of the Manual will
provide you with significantly more detail and explanation of the actions on this
checklist, as well as the further actions you may need to take as Trustee.

The following actions are recommended upon the death of the Trustor, when he
or she is an individual or the second of a married couple to die:

If you are a close family member, and the Trustor’s death has come suddenly,
the most important thing is to take care of yourself first. Shock and trauma
can take unexpected forms. Most actions that will need to be taken do not
have to be done immediately and, if you act too quickly out of worry or
anxiety, you may do the wrong things and make bad decisions. The first
important deadline generally does not occur until nine (9) months after the
date of death. You should contact a family member or friend who can spend
time with you, either by phone or in person, during the next few hours or days,
until such time as you are emotionally stable and can pursue the other items
on this checklist. Avoid entering contracts for anything while you are still in a
highly emotional state, and avoid spending or lending large sums of money.
Do NOT make any financial decisions that involve moving title to assets, selling
or reinvesting accounts until you consult with an attorney and/or CPA, as such
actions may have adverse tax consequences and violate the terms of the
Trust.

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