What are my responsibilities as a successor trustee?
The trustee is responsible for seeing that all of the decedent’s affairs are wrapped up in a timely manner. Some of those duties may include: making the funeral or memorial service arrangements; paying the decedent’s final bills and health care costs; making a preliminary list of the assets and their estimated values; meet with an attorney to review the trust, will, or other directions for distributing the estate; collecting all death benefits (social security, life insurance, retirement plans); pay the decedent’s income taxes and/or federal estate taxes; make a final accounting of all the activities you performed for the beneficiaries, then divide the cash and other property and distribute it to the beneficiaries, unless the terms of the will or trust require the assets to be held in trust. You may be able to do much of this yourself, but an attorney, corporate trustee and/or accountant can give you valuable guidance and assistance.
