Do you really know what you’re agreeing to when you accept the role of Trustee in someone’s Living Trust? It’s easy to say yes, but it’s a lot more involved that most people realize. It’s important to be prepared by asking the right questions while you still can. It’s not just about honoring someone’s wishes—it’s about navigating the sometimes complex processes to carry out their legacy with confidence.

In a nutshell, you will need to:

• Obtain Death Certificates
• Obtain Employer Identification Number (EIN) for the now-Irrevocable Trust
• Notify Key Parties & Provide Death Certificates
• Managing the Deceased’s Digital Assets
• Secure Assets & Trust Property
• Review & Understand the Trust Document
• Notify Beneficiaries & Heirs
• Open a Trust Bank Account (if necessary)
• Pay Debts & Final Expenses
• File Tax Returns
• Distribute Trust Assets to Beneficiaries
• Close the Trust (when no further action is required)

For further details on each of these steps, refer to our article, The Weight of Responsibility: What It Really Means to Be Named a Trustee in a Living Trust.