Page 27 - Successor Trustee Handbook

At the earlier of the date you begin to locate the Trustor’s important papers
(as set forth above) and the date seven (7) months after the date of death,
notify the Family First Firm and make an appointment to review the
Trustor’s estate planning documents, discuss any possible state and federal
death taxes due, go over any disclaimer (which must be made within 9 months
of death) or other possible tax planning, determine if a Court Probate will be
required for any assets not in the Trust name, and assist you with some of the
remaining items on this checklist. (Family First Firm offers a free initial
consultation, if you qualify, even if the estate plan was not prepared by our
firm.)

Take the legal steps necessary for you to assume the position of
Trustee. If you were already serving as a Co-Trustee with the Trustor, you
may be able to act as a sole Trustee/owner on certain accounts without
requiring further legal documents. However, it is still advisable that you pursue
the following steps in order to take over other matters as sole Trustee. If you
are the first Successor Trustee named in the Trust, the process of properly
installing you as acting Trustee usually simply involves obtaining a “Trust
Certification”. This is a document prepared by an attorney that verifies your
authority to act as Trustee under the terms of the Trust and has a copy of the
Trust and death certificate attached; that way, you will be able to transact
business more quickly and smoothly with third parties, such as banks, mutual
fund companies, real estate escrows, etc. If you are not the first Successor
Trustee named in the Trust, the process may be more complicated and involve
the resignation or removal of a prior Trustee, or that Trustee’s death
certificate, before you can obtain the Trust Certification. Sometimes, a prior
Trustee, the beneficiaries or a special party to the Trust (such as a “Special
Co-Trustee” or “Trust Protector”) may have the authority to appoint and install
you as Trustee and this may need to be done before you can obtain the Trust
Certification. If all of these options fail to install you as the new Trustee, you
may need to file a petition with the Probate Court. Regardless of the
procedure used, you will likely need a Trust Certification when dealing with
third-parties. (For more details, see the Chapter, “Transition to Another
Trustee”).

Once you have been installed as Trustee, you should 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 may even need to
change the door locks in order to prevent “beneficiary raids”. You may also
want to write down a simple inventory (not necessarily in complete detail), just
in case beneficiaries start to “borrow” items.
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