What to Do When a Revocable Trust Grantor Dies

– Helpful Guidance from Shreveport’s Experienced Estate Planning Attorney

Revocable trusts can help protect an individual’s assets during their lifetime. It can also make things much smoother to distribute those assets once the grantor dies. While utilizing a revocable trust can be a powerful tool in estate planning, understanding how to manage it after a settler or grantor’s death is extremely important. Using the services of an estate planning attorney near Shreveport will make things much easier for you.

5 Steps for Handling a Revocable Trust after the Death of the Grantor

After a grantor or settlor passes away, all assets held within the trust become its property. If you have been named as a co-trustee or successor trustee, you will take over control of the trust and handle the distribution of the assets. Here are steps to get you started in completing its terms:

  1. Gather All Trust Documents: Now is the time to gather all the trust records, including any amendments and restatements. Take time to read through the trust terms and learn who the beneficiaries are. Gather all brokerage and bank statements and insurance policies. You’ll need to know the value of each account at the time of death.
  2. Obtain a Tax Identification Number: You will need to open a bank account for the trust, which will require a tax ID number from the Internal Revenue Service. You can obtain one by requesting it online at www.irs.gov/. Take the life insurance policies, cash them in, and put the proceeds into the checking account. This also goes for investment accounts.
  3. Look at Held Real Estate: If the grantor held real estate, you would need to transfer the property out of the trust and over to the beneficiary. The Trustee’s Deed will then need to be recorded in the appropriate government office. If there is no named beneficiary, you will need to sell the real estate and place the proceeds into the trust’s bank account.
  4. Distribute the Assets: Once all assets have been liquidated, you will then need to distribute them as set out in the terms of the trust. You’ll want to get receipts from the beneficiaries for record keeping, as they receive their shares.
  5. File the Tax Return: Be sure to keep careful records as you will need to file the proper tax returns.

Ensure Trusts Are Handled Properly with Help from David L. White

Don’t leave anything to chance with your responsibilities as a successor trustee. Depend on the services of a qualified estate planning attorney like David L. White. He and his team will work with you to ensure you take the necessary steps to liquidate the trust and distribute the assets. They can also assist with probate, succession, simple and complex wills, and powers of attorney. He has extensive knowledge of the Louisiana court system and will assist you in navigating through the process. Proceed with confidence with his help.

Contact your estate planning attorney in Shreveport, Louisiana, to discuss your needs and establish your next steps. Give us a call at 318-747-7023.