Legal Question in Wills and Trusts in California
My dad set up a living trust and I am the successor trustee. He basically wanted to have a few things distributed when he passed. My brother said I need to doo all these things like get the value of all his things (like furniture, house, etc-which are all divided out in the trust) and do some kind of close out. My father and I were under the impression I would just distribute what was in the trust and be done. There is not a lot in the trust. What am I supposed to do after distribution? Can I just be done or is there a lot more to do? I didn’t even know I had to “close” it.
1 Answer from Attorneys
You do have a duty to 1) send a notice of change of trustee and that the trust has become irrevocable to all beneficiaries and heirs at law 2) collect (transfer title to yourself as trustee) and determine value of all trust assets 3) distribute trust assets according to the terms of the trust 4) file your dad's final individual and trust income tax returns and 5) provide residual beneficiaries with information regarding administration of the trust, and final accounting, unless waived. Once all assets of the trust are distributed, the trust will be "closed." The best way to make sure all this is done correctly (and to CYA) is to hire a lawyer and an accountant.
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