How to Turn Over a Trust
A trustee is responsible for record-keeping, filing tax returns, distributing property and increasing the earning potential of the trust. Generally, the owner of the trust, known as the trust grantor, prepares the initial paperwork and determines who will act as trustee. Once trust documents are in order, the owner may hand over control of the trust to the trustee or act as trustee himself and turn the trust over at some later stage.
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Instructions
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Check that your trust portfolio is complete. Include the trust agreement. Check that the trust agreement contains the name of your trustee, adheres to state signing laws and contains the seal or signature of a notary public.
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Review trust documents such as amendments, restatements and supplementary instructions. Check that all articles comply with your true intentions. Putting the affairs of the trust in order before relinquishing control saves time later and ensures that all modifications are made to your satisfaction.
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Attach amendment and restatement forms directly to the trust agreement. Place supplementary instructions loosely inside the trust portfolio.
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Contact the county clerk's or county recorder's office. Verify that trust property is public record in accordance with state law.
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Turn over the trust portfolio and relinquish trust property. The trustee will hold trust property and trust documents in a secure location until after your death.
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Tips & Warnings
Amendment forms correct minor articles in a trust agreement, whereas restatement forms correct major articles in a trust agreement. Supplementary instructions address issues related to the distribution of principal.
A trustee must be a person over the age of 18 years, or a financial institution, trust attorney or professional trust company.
