Guidance for successor trustees and beneficiaries navigating the legal, practical, and fiduciary obligations of administering a trust.
Review the instrument and identify the trustee
A successor trustee must first understand the trust instrument, their authority, who is entitled to information or distributions, and what events triggered their appointment.
Locate, value, and manage trust assets
Administration may involve gathering trust assets, reviewing account titles, obtaining valuations, and maintaining accurate records before distributions. The trust does not automatically own every asset mentioned by the family.
Coordinate notices, tax, and creditor issues
Required notices, reporting, tax filings, debt questions, and beneficiary communications depend on the governing law and the particular trust. Trustees should avoid assuming that probate rules or tax obligations never apply.
Make distributions with documentation
A thoughtful closeout addresses expenses, required reserves, beneficiary receipts, title transfers, and recordkeeping. Distribution timing and discretion should follow the trust terms and applicable law.