|Becoming a successor trustee|
It's been 4 months since I closed my dad's trust. The big job is done (i.e. the final distribution of assets), and as we cycle through another tax year, there is a little bit of paperwork left in order to finish off the current trust taxes. Fortunately, we have a trust tax accountant who is handling that.
To the Successor Trustee: Under the category of—Doing Things Right—hire an experienced tax accountant who specializes in filing trust taxes. This will save you a lot of time & worry later on.
Since my dad passed away in November 2013, I've been writing about my personal experiences from the POV of someone who had never administered a trust or created a trust of my own. Now, it's time to listen to the experts.
To the Successor Trustee: Have the contact info for the trust attorney (the attorney who drew up the original trust). You'll need to contact the attorney and meet with him or her to sign on as the successor trustee.
There is a lot of information online about estate planning. Here are some great links that cover the basics:
- Five Tips to Make You a Successful Successor Trustee_23 January 2014_Estate Plan Pros: Wills, Trusts, and Estate Planning Blog by Erik Hartstrom, Estate Planning Atty
- Five Key People to See After A Death_30 October 2014_Estate Plan Pros: Wills, Trusts, and Estate Planning Blog by Erik Hartstrom, Estate Planning Attorney
- The Top Five Estate Planning Whoppers_19 June 2014_Estate Plan Pros: Wills, Trusts, and Estate Planning Blog by Erik Hartstrom, Estate Planning Attorney
- Will vs. Trust_14 April 2011_Dana Law Firm Blog_by Mark Anderson, Atty
- Why People Avoid Estate Planning (Infographic)_28 March 2013_Dana Law Firm Blog