When your loved one dies there a several steps you must take in order to uphold their wishes as stated in their will and trust.
First, record their Will with either the County Recorder’s Office or Probate Court in the county where the deceased lived at the time of death. The will must be lodged within 30 days of death.
Second, if the decedent had a trust, send out a notice to all heirs and trustees announcing the death and giving notice to trustees that they may request information regarding the estate. This notice must be mailed out within 60 days of death.
Third, you must apply for a Federal Tax Identification number if there is not already one in place. This allows you to open bank accounts, file fiduciary income tax returns, or to complete management duties as successor trustee(s).
Fourth, record real property, such as deeds transferring property, in public records in the county where the real estate is located. You must also prepare and record an Affidavit of Death. Present death certificates to banks, stockbrokers, etc., so they will be transferred to trustees and make sure bills and managements are paid.
Finally, as a trustee, you must make sure to keep up on taxes and other expenses. Once completed, you are responsible for distribution to beneficiaries. If you require help it is best to consult with us, an Attorney that is versed in all estate planning from beginning to end, maneuvering any hurdles that cause hiccups in a swift end to a devastating life occurrence.