Trust Settlement

If the deceased’s assets were owned by a trust, the settlement process is similar to the probate process — but without the probate court’s involvement. This means that the person designated in the trust to handle the trust assets (the trustee) will perform tasks on behalf of the deceased such as paying bills, collecting debts owed, and distributing property. The trustee will report to the beneficiaries, not to the probate court.

“What do I do now?” If a family member of the deceased has been named as the trustee (and if I did not prepare the deceased’s estate plan), this is the first question I usually hear. Therefore, the first step is trustee education, so that the trustee is comfortable with the responsibilities ahead. We will then work together to fulfill the trustee’s duties as efficiently as possible.

If I did prepare the estate plan and I was involved in the plan’s maintenance, the trustee should already be educated, and the deceased’s assets and intentions should be well-documented. This is when the benefit of estate plan maintenance reaps benefits. Trust administration and settlement can definitely be accomplished without significant delay and expense.

Learn more about the differences between wills and trusts on the Frequently Asked Questions page.