When the successor trustee steps in
When someone you trust becomes responsible for carrying out the plan, they should have a clear place to start. At Deason Garner & Sparks, we help successor trustees understand the trust, the assets, and the steps ahead.
Trust administration is a process
A Living Trust helps properly funded assets avoid the probate court process, but someone you trusted still has responsibility for carrying out the instructions you created. The successor trustee follows the trust, manages trust property, addresses administration responsibilities, and communicates with beneficiaries as the plan is carried through.
Understand the trust
The trust explains who has authority, who the beneficiaries are, and how the plan is meant to work. Before taking action, the successor trustee needs to understand those instructions and how they apply to the family's circumstances.
Understand the assets
Bank accounts, real estate, personal property, beneficiary-designated assets, and property outside the trust may not all follow the same path. Understanding what the trust owns—and what it does not—is part of determining what needs to happen next.
Avoiding probate does not mean there is nothing to administer
Trust administration usually happens outside the probate court process, but the successor trustee still has legal and practical responsibilities that should be handled carefully and in the right order.
Trust administration and probate are different
Property already held in the Living Trust is generally administered under the trust rather than through probate. That can reduce court involvement, but it does not eliminate the work of identifying assets, following instructions, and completing the administration.
Records, expenses, and taxes matter
The trustee may need to maintain records, address legitimate expenses and obligations, obtain values for property, and coordinate tax matters with the appropriate professionals before final distributions are made.
Some property may follow another path
An asset outside the trust may pass by beneficiary designation, joint ownership, or another transfer method. If property is left in an individual's name without another effective transfer method, probate may still be required for that asset.
Wills & ProbateThe successor trustee does not have to figure it out alone
The trust gives direction, but applying those instructions to real property, accounts, beneficiaries, and family circumstances can raise questions.
Start with a complimentary consultation
Deason Garner & Sparks provides a complimentary consultation to a successor trustee to help that person understand the trust and create a plan for the next steps.
Create an administration plan
We help the trustee identify the work that needs to be done, the order it should happen in, and the questions that need answers before important decisions are made.
Stay supported through the process
When additional legal guidance is needed, our team can continue helping the trustee carry the plan through to completion.
Moving quickly is not as important as moving correctly
Before accounts are retitled, property is sold, expenses are paid, or distributions are made, the successor trustee should understand the plan and the responsibilities that come with their role.
Confirm authority and responsibilities
Review the trust, determine who is serving, and identify the responsibilities that need to be handled before administration moves forward.
Identify and protect trust assets
Locate trust assets, records, statements, deeds, and other important information so the property can be managed and protected while the administration is underway.
Coordinate obligations and distributions
Address expenses and other responsibilities, communicate with beneficiaries, and make distributions when the trust and the administration are ready for that step.
Support for the people you trusted to carry it out
When the time comes, your successor trustee should have a clear place to start—with a team that can help them understand the plan and what needs to happen next. Our goal is to help the people you trusted carry out the instructions you created.