Trust Administration Check List *
Does the decedent's property pass under a valid living trust? If so, it could be time to step into the land of trust administration.
Judicial Self-Help Center is here to take each step with you and this is where we walk.......
*This is an abbreviated list, other steps are required
*This is an abbreviated list, other steps are required
Vocabulary
Accounting - an often court-ordered presentment or examination of accounts
Beneficiary - a person or entity (as a charity or estate) that receives a benefit from something: as a : the person or entity named or otherwise entitled to receive the principal or income or both from a trust
Corpus - the main body of a thing; specifically : the principal of a fund, trust, or estate as distinct from income or interest
Inter Vivos - (especially of a gift or trust) taking effect during the lifetimes of the parties involved; between living persons between living persons inter vivos transfer
Irrevocable- not to be revoked or recalled; unable to be repealed or annulled; unalterable
Living Will - a document in which the signer indicates preferences or directions for the administration and esp. the withdrawal or withholding of life-sustaining medical treatment in the event of terminal illness or permanent unconsciousness —see also ADVANCE DIRECTIVE —compare durable power of attorney at POWER OF ATTORNEY
Grantor- one that makes a grant: as a : one that conveys property or a right in property by deed
RES - a thing (as a property, interest, or status) as opposed to a person that is the object of rights and esp. that is the subject matter of litigation
Revocable - capable of being revoked; to annul by recalling or taking back: to destroy the effectiveness of (a will) by executing another or by an act of destruction (as tearing or crossing out) b : to put an end to (a trust)
Settlor - a person who creates a trust
Successor Trustee - Your Successor Trustee will be responsible for taking care of the following after you die:
•Locating and protecting your trust assets.
•Collecting life insurance policies, annuities, and retirement accounts of which your Revocable Living Trust has been named as the primary beneficiary.
•Coordinating with the Personal Representative of your estate if a probate administration is necessary.
•Obtaining the date of death values for all of your trust assets, including appraisals of real estate and business interests.
•Determining who you owed money to and then paying off these debts.
•Assessing your income and estate tax liabilities.
•Preparing and filing all required income and estate tax returns.
•Paying the ongoing expenses of administering your trust until it can be terminated and distributed to your beneficiaries.
•Raising the cash necessary to pay off your debts, the ongoing expenses of administering the trust and estate and income taxes.
•Investing and managing your trust assets until they can be distributed to your beneficiaries.
•And, finally, distributing what’s left over of your trust to the beneficiaries.
Trustor- a person who creates a trust
Trustee - a natural or legal person to whom property is committed to be administered for the benefit of a beneficiary (as a person or charitable organization) : the holder of legal title to property placed in a trust
Beneficiary - a person or entity (as a charity or estate) that receives a benefit from something: as a : the person or entity named or otherwise entitled to receive the principal or income or both from a trust
Corpus - the main body of a thing; specifically : the principal of a fund, trust, or estate as distinct from income or interest
Inter Vivos - (especially of a gift or trust) taking effect during the lifetimes of the parties involved; between living persons between living persons inter vivos transfer
Irrevocable- not to be revoked or recalled; unable to be repealed or annulled; unalterable
Living Will - a document in which the signer indicates preferences or directions for the administration and esp. the withdrawal or withholding of life-sustaining medical treatment in the event of terminal illness or permanent unconsciousness —see also ADVANCE DIRECTIVE —compare durable power of attorney at POWER OF ATTORNEY
Grantor- one that makes a grant: as a : one that conveys property or a right in property by deed
RES - a thing (as a property, interest, or status) as opposed to a person that is the object of rights and esp. that is the subject matter of litigation
Revocable - capable of being revoked; to annul by recalling or taking back: to destroy the effectiveness of (a will) by executing another or by an act of destruction (as tearing or crossing out) b : to put an end to (a trust)
Settlor - a person who creates a trust
Successor Trustee - Your Successor Trustee will be responsible for taking care of the following after you die:
•Locating and protecting your trust assets.
•Collecting life insurance policies, annuities, and retirement accounts of which your Revocable Living Trust has been named as the primary beneficiary.
•Coordinating with the Personal Representative of your estate if a probate administration is necessary.
•Obtaining the date of death values for all of your trust assets, including appraisals of real estate and business interests.
•Determining who you owed money to and then paying off these debts.
•Assessing your income and estate tax liabilities.
•Preparing and filing all required income and estate tax returns.
•Paying the ongoing expenses of administering your trust until it can be terminated and distributed to your beneficiaries.
•Raising the cash necessary to pay off your debts, the ongoing expenses of administering the trust and estate and income taxes.
•Investing and managing your trust assets until they can be distributed to your beneficiaries.
•And, finally, distributing what’s left over of your trust to the beneficiaries.
Trustor- a person who creates a trust
Trustee - a natural or legal person to whom property is committed to be administered for the benefit of a beneficiary (as a person or charitable organization) : the holder of legal title to property placed in a trust
Understand Trust - Establish Proper Authority
Read the Trust document
Lodge Pour-Over Will
Obtain Bond (if necessary)
Certificate of Trust
Affidavit of Successor Trustee
Lodge Pour-Over Will
Obtain Bond (if necessary)
Certificate of Trust
Affidavit of Successor Trustee
Statutory Notices
Notice to Department of Health Care Service
Notice to Department of Veterans Affairs
Notice of Social Security Administration
Notice to Franchise Tax Board
Notice to California Victim’s Compensation Board
Notice to Beneficiaries
Notice to Creditors
Notice to Department of Veterans Affairs
Notice of Social Security Administration
Notice to Franchise Tax Board
Notice to California Victim’s Compensation Board
Notice to Beneficiaries
Notice to Creditors
Sheppard Assets and Pay Creditors
Spreadsheet of Assets
Obtain Employer Identification Number from IRS
Affidavit – Death of Trustee
First and Final Account OR WAIVER
Estate Tax Return - 706 Return
Decedent’s Personal Tax Returns
Creditor’s Claims
Obtain Employer Identification Number from IRS
Affidavit – Death of Trustee
First and Final Account OR WAIVER
Estate Tax Return - 706 Return
Decedent’s Personal Tax Returns
Creditor’s Claims
Distribution
Distribution Spreadsheet
New Grant Deed
Prop 58 and 193 Reassessment Exclusion
IRA-Distributions
Receipt of Distribution
New Grant Deed
Prop 58 and 193 Reassessment Exclusion
IRA-Distributions
Receipt of Distribution
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