Hi everybody, our names are Ikan. Here today, I wanted to take a minute and talk to you about how to administer a trust when a loved one passes. This is a very important step in the administration or estate planning process that a lot of people actually overlook. So, a lot of people think that once they create the trust and transfer all of their assets to it, they're done and there's nothing else left for them to do. For the most part, this is true because the person that has passed away has nothing more to do after death. However, the person that they've appointed as trustee to take over after they are gone must follow through with the deceased person's wishes. The loved one that has passed away has outlined exactly what he wants done and how he wants it done, and has appointed a trusted person to take care of everything for him. This person we call the trustee. The trustee has to then step up and fulfill his duties as outlined in the document. So, what does a trustee need to do? Well, there are a million and one things the trustee needs to do. We're going to keep this very short and give you an outline of how the actual trust administration process rolls out. So, following the death of a loved one, the trustee will normally start the initial phase, and we call this phase the collecting of information and gathering and organizing things. The trustee will gather all of the loved one's paperwork, estate planning documents, bills, invoices, any information that comes by mail or by email. The trustee will gather all of this in one place and organize and try to make sense of it. During this initial phase, the trustee will order...
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What happens to an irrevocable grantor trust when the grantor dies Form: What You Should Know
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