How to Settle Your Living Trust

Introduction

If you are a friend or loved one of someone who has recently passed away, you are in a common but painful position of mourning. This friend or loved one may have left benefits in the form of a living trust, and it is possible that you were remembered in this document as a beneficiary of some kind. If you are wondering how to settle the trust, the answer is simple. Read on for more information.

Instructions

Difficulty: Moderate

Settling a Living Trust

Things You'll Need

• Attorney

Steps

1

Step One

Wait to be contacted by the successor trustee, which is the person to whom the trust passed at the time of death. This person is responsible for carrying out the orders of the trust.

2

Step Two

If you are the successor trustee, carry out the following steps.

3

Step Three

Make sure that any creditors of the deceased have been paid as well as any income and death taxes that apply.

4

Step Four

Hire an attorney to make sure you have not missed any taxes or other important factors. You are now personally liable for these taxes. The attorney will also help you to settle the estate.

5

Step Five

Contact the inheritors and set up transfers of assets as required by the trust and as instructed by the attorney.