1. Review the Trust Document
Before beginning the trust administration process, it is important to review the trust document to ensure that you understand the terms of the trust and your duties as a trustee.
2. Notify Beneficiaries
Notify all beneficiaries of the trust of the death of the grantor and provide them with a copy of the trust document, along with any other relevant information.
3. Gather and Value Assets
Identify and gather all assets of the trust, and obtain appraisals or valuations as necessary.
4. Pay Debts and Taxes
Pay any outstanding debts or taxes owed by the trust or the grantor's estate.
5. Distribute Trust Assets
Distribute trust assets to beneficiaries by the terms of the trust document and California law.
6. Keep Accurate Records
Maintain accurate records of all transactions and communications related to the trust administration process.
7. File Tax Returns
File any necessary tax returns, including income tax returns for the trust and estate tax returns for the grantor's estate.
8. Obtain Releases and Waivers
Obtain appropriate releases and waivers from beneficiaries to protect yourself as a trustee from liability.
9. Seek Professional Advice
Consult with attorneys, accountants, and other professionals as necessary to ensure that you are fulfilling your duties and obligations as trustee by California law.
10. Close the Trust
Once all tasks have been completed, close the trust and distribute any remaining assets to beneficiaries by the terms of the trust document and California law.