How to Settle Your Living Trust

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.

Difficulty: Moderate

Instructions

Things You'll Need:

• Attorney

Settling a Living Trust

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

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

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

Tips & Warnings

• The successor trustee should be aware of their role and be prepared to settle the estate.
• There may be some delay in the division of assets, but not as much as with an estate going through probate.
• Living trusts are harder to contest than a will, however it is still possible.

Who Can Help Sponsored

• Protect Yourself with a Trust - LegalZoom

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on 10/12/2008 if you have land and property on the is it better to do a Land Trust or a Living Trust. [e-mail]

[bbgm]

on 10/12/2008 If you have land and property is it better to do a Land Trust or a Living trust. [e-mail]