When a trust is created and funded, a trustee is responsible for preserving or investing its assets, distributing income to beneficiaries, filing tax returns, and other functions essential to the management of the trust's assets. When the trustee - who is often the trustor as well - under a revocable living trust or A/B trust dies, a successor trustee must be appointed, and must perform certain duties under deadlines in order to avoid tax liability and to protect the validity of the trust.
These responsibilities include making sure that the asset protection trust is properly funded and holds title to its ostensible assets, obtaining property values as of the date of death, preparing an inventory of the trustor's property, filing fiduciary tax returns, allocating assets to subtrusts as necessary, making distributions of trust income to beneficiaries, and many other duties.
At Schmiesing, Blied, Stoddart & Mackey, we have the experience and familiarity with post-death trust administration issues necessary to make sure that the tax advantages of tax planning trusts are not lost due to administrative mistakes after the trustor's death. For a free consultation about our ability to help your family with estate and trust administration matters both in and out of Probate Court, contact us.