Most people will not have had the experience of being named a successor trustee in charge of settling a person’s revocable living trust after a loved one passes away. There are many different steps involved in closing out this trust and all of these should be approached with care and with the possible support of an experienced probate lawyer.
The first step to settle a revocable living trust is to locate all of the important papers and estate planning documents owned by the creator of the trust. You will also need to look at their will in addition to trust documents, but you might also encounter things, such personal property memorandums or memorial instructions.
All of these documents should be kept in a safe place until they can be passed on to the attorney helping you with the administration of the trust. You might also find other things that will not be included in their probated estate, such as certain brokerage account statements or life insurance policies.
After you’ve looked at all of the important documents, read through the specific provisions of the individuals revocable living trust. Make note of the beneficiaries of any residuary trusts, personal effects or specific bequests and whether or not a person has been named to serve as successor trustee.
You’ll also want to make a list of how each asset is titled from the list of what the decedent owed and owned as well as any questions you may have for your estate planning attorney in NH.