A rough (and wildly incomplete) list of the tasks involved in the administration of a trust, usually following the death of its settlor or surviving settlor.
1. Send letter to all heirs listing name and date of trust and name and date of death of settlor. List names and addresses of all beneficiaries. Give name and address for all correspondence. Where is the trust being administered? State to each heir that they are entitled to a copy of the trust and a complete accounting if they ask for one. Also state that they must file with you any notice of contest of the trust within 180 days. Send this notice to each beneficiary of the trust or any amendments. Also send a notice to any known heir of the deceased or any co-trustee. This notice must be served by mail to the last known mailing address of all parties to the trust and all heirs to the decedent’s estate.
2. Send a notice by mail to any creditors, including Medi-Cal, within 30 days of death. Make sure you give them your address to respond. Pay these bills before you pay the heirs. Also remember that any specific gifts that were noted in the trust are paid before the heirs.
3. Keep an accounting of all monies you spend, and remember, generally as the trustee, you may pay yourself reasonable fees for doing all of this. Also keep an accounting of all monies received. Don’t forget to file claims for life insurance, annuities, pensions, etc.
4. Close all open revolving accounts, such as credit cards. Make sure you have paid the bills. Notify social security and pensions. Set money aside to repay any over-payments of these after death. After distribution to heirs remember to close bank and brokerage accounts, etc.
5. File any affidavits of death of trustee as needed and have any deeds transferring property to heirs recorded as needed.
6. If there are any contests of the trust, call an elder law attorney immediately.
