What needs to be done to administer a Living Trust when the trust creator (“Trustor”) passes away? Well, it could be virtually nothing at all, or it could be very involved. If the Trust only holds cash assets and stocks, it might be limited to distributing the cash and stock among the Trust beneficiaries. If it holds real property which is intended to be sold immediately, the title company will take care of much of the paperwork required at close of escrow, perhaps leaving only the distribution of the cash among the beneficiaries to occur. But administration is not often that simple and can be complicated by many factors, including the provisions of the Trust, outstanding claims by creditors and governmental bodies, filing tax returns, and changing title to assets.
Litherland, Kennedy & Associates, APC, Attorneys at Law
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