| What is a trustee to do?…read on:
CLIENT QUESTION:
Two trusts for my mom were created, and mom has just passed. Is there anything, as the trustee, I should know when dealing with the trusts and their funds? Also, I understand that the POA for mom expired upon her death. Is there any other document I need to get?
MY RESPONSE:
First, I offer you my condolences on the passing of your mother. Mothers are irreplaceable. Enjoy the memories, especially the funny ones.
Second, you are correct that the power of attorney terminates at death. If ALL of Mom’s assets are held in a trust, and/or are jointly held, and/or have named beneficiaries, then you will not need any new documents to handle Mom’s affairs. If not, we may have to probate the will.
Third, as for the assets in the trust, you have several responsibilities. These MAY include getting a new Tax ID# for the trust, inventorying and valuing trust assets, paying ongoing bills/debts, filing tax returns for your Mom and the trust, accounting to the trust beneficiaries, and then making final distributions. The list goes on, but you get the idea. We can guide you through the whole process.
I hope this helps. |
