You’ve been named the Successor Trustee… Now what?

Whether this was expected or caught you off guard, you now hold a crucial role in managing and safeguarding the wishes of someone close to you. It's an honor that demonstrates the immense trust placed in your hands.

You've been handed a remarkable responsibility as the successor trustee, but you might be wondering, "Where do I begin?" Don't worry; you're not alone. That's precisely why we've created this resource.

With our Free Trustee Toolkit, you will have everything you need to take on your trustee duties.

What Does the Free Trustee Toolkit Include?

  • Successor Trustee Acceptance Form

  • Detailed Trust Tax ID Form Walkthrough

  • Trustee Checklist

  • Trust Inventory Spreadsheet

  • Trust Distribution Schedule Spreadsheet

We’ll deliver all of the downloads and guided video walkthroughs straight to your inbox.

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The downloads included in our Free Trustee Toolkit are normally only available to paying clients of our law firm. So, why are they free?

As an experienced trust administration law firm, we know all too well that the journey of serving as a successor trustee can be complex and filled with legal, financial, and administrative challenges. However, our core value of empowerment inspires us to share free support for those who could benefit from the information.

Our comprehensive Trustee Toolkit is designed to empower you with the knowledge and tools you need to navigate your role confidently, ensuring that you fulfill your duties with efficiency, clarity, and peace of mind.

A Deeper Look at Our Successor Trustee Toolkit

We cover all the essential aspects of your new role. Consider it your trusty companion, guiding you step-by-step through the intricacies of managing a trust.

1. Successor Trustee Acceptance Form

The first step as successor trustee is to provide proof that you have accepted the role. We provide an editable Acceptance and Certification of Trustee Word Document, as well as a video walking you through the completion of the document. This is what you will complete, notarize, and show to banks or financial institutions to show that you have accepted the duty and have the authority of trustee.

2. Detailed Trust Tax ID Form Walkthrough

One of the next steps as successor trustee is to file for a tax ID number for the trust. The generic IRS form can be confusing, as it is the same tax ID form as a business uses. Our Trust Administration Paralegal, Lori, walks you through completing the form and filing online with the IRS.

3. Trustee Checklist

Once you have accepted your duty and filed for a tax ID number, there are several more steps to administering a trust. This includes opening bank accounts, collecting assets, determining valid debts, everyday management of the assets, creating sub-trusts if necessary, and more. Our checklist provides the guidelines to keep you on track.

4. Trust Inventory Spreadsheet

The Trust Inventory Spreadsheet is a streamlined way to start gathering information about the trust, assets, and liabilities. You will refer back to this often throughout your time as the trustee. So, without an organized way to track all the trust assets, it is easy for something to slip through the cracks.

5. Trust Distribution Schedule

After you’ve collected all the assets, the trust distribution schedule helps you prepare and track beneficiary distributions. It covers trust assets and expenses, then breaks down the distributions to determine who gets what and how much. This includes calculating partial distributions. While this may sound confusing, our walkthrough video will help and we’re always here for you with backup support.

FAQ: Will this Work for Every Trust?

We recognize that each trust is unique, and so are the challenges you may encounter. That's why we've meticulously curated this resource to be adaptable to various trust scenarios, providing you with the flexibility to address specific circumstances you may face as a successor trustee.

FAQ: Are the Downloads Actually Free?

Rest assured, this successor trustee resource is entirely free, a testament to our commitment to support and empower successor trustees like yourself. We firmly believe that knowledge and preparedness are vital in ensuring the smooth and effective administration of a trust, enabling you to honor the wishes and intentions of the person who appointed you. So, let's embark on this journey together.

FAQ: What if I Need More Help with Trust Administration?

If you find yourself in need of additional assistance with trust administration, our trusted law firm is here to support you every step of the way. We understand that the complexities of trust administration can be overwhelming, and we are dedicated to providing comprehensive guidance tailored to your specific needs. Whether you require help with interpreting complex trust provisions, managing beneficiary distributions, or navigating tax implications, our experienced trust administration team is well-equipped to assist you.

Because you take on the liability that comes with your role, one of the major benefits of hiring a trust administration attorney for additional support is that it provides a level of protection for you, the successor trustee.

We have the expertise and resources necessary to handle even the most intricate aspects of trust administration, ensuring that your loved one's wishes are carried out with precision and efficiency. Attorneys are paid by the trust, not out of your pocket. Additionally, an experienced trust administration law firm can help you get a reasonable payment for your time acting as the successor trustee. You can decide to hire an attorney at any point in trust administration, so give us a call any time to discuss your specific requirements and let us help alleviate any concerns you may have during this important process.

With the right tools and guidance at your fingertips, you can confidently navigate the complexities of your role as a successor trustee.

By doing so, you'll not only fulfill your legal obligations but also provide invaluable peace of mind to the beneficiaries, ensuring the legacy of your loved one remains intact.

We’ll deliver all of the downloads and guided video walkthroughs straight to your inbox.

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What Our Clients Say About Us

  • “My parents worked with Rilus Law to set up a will and trust in 2019. The entire process was smooth and professional. Little did we know that we would have to invoke the will after my father's passing a few short years after the setup. Rilus assisted and educated us during the process. I recommend Rilus and the rest of the team for your legal needs.”

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  • “I worked with Rilus Law for some legal advice on the administration of my father's estate. From the moment I reached out to them, they were very helpful, compassionate, and responsive. I felt as though I was in very capable hands during a time when I needed it the most. I would highly recommend Rilus Law for any estate planning or estate administration.”

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  • “I called them from Houston, TX with questions regarding my father-in-law’s estate there in Mesa. They took their time to go through different scenarios with me and had quick and honest answers to all of my questions regarding the law and if we had a good case. Should I, or anyone I know in Arizona, need a great probate or estate planning attorney, I recommend Rilus Law. 5 stars for sure!”

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