Begin by searching for any estate planning documentation. Look for all current and revoked wills, pour-over wills, trusts, powers of attorney, trust amendments and restatements, trust asset lists, and deeds to trust property. Arrange everything in chronological order based on the date of signing.

Collect all previously prepared trust-related documents, such as estate tax returns, gift tax returns, trust tax returns, previous accountings of trust assets, notifications of planned action and any income or principle change decisions.

Determine whether the Uniform Prudent Investor Rule applies to the trust.

Set aside any previously denied documents before making modifications to existing ones. Once you’ve located the most recent trust, read it again from beginning to end carefully. Make a list of anything unusual you notice (note the page and paragraph number in your notes for future reference).

Identify all potential claimants, including heirs, future trustees, present beneficiaries, and remainder beneficiaries. Obtain their complete names, addresses, phone numbers, email addresses, age, and any other contact information you can discover. (Caution: failing to do this step may result in financial liability.)

You should retain legal counsel to assist you with trust administration tasks. You are entitled to utilize trust assets for the payment of an attorney to help you with the process.

Initial meeting with your attorney:

Begin by determining what your attorney’s responsibilities are.

Make sure your attorney goes over the trust documents with you.

Make sure your attorney goes over your fiduciary duties with you in depth.

Make sure to talk to your attorney so they can explain the purpose and circumstances to you.

Any pending litigation, demands of beneficiaries, or other concerns should be discussed.

Apply for an IRS identification number for irrevocable trusts. You may get a taxpayer identification number by calling the Internal Revenue Service at 1 (800) 829-4933 if you are the Trustee.

If you have liquid trust assets, open a trust checking and savings account right away. Make sure you keep track of all trust assets to the cent. FDIC insurance is required for your deposits.

Create a record-keeping system. Financial records should be kept in folders, as should beneficiary communications – such as notes from phone conversations and copies of all letters mailed and received, beneficiary meeting minutes, and a journal of actions and discussions.

Carefully catalog all of the assets in the trust, including a description and an estimation of its value for estate tax purposes. If any assets are difficult to assess a worth, look into hiring a professional appraiser. Once you have done this, speak with your attorney about it.

Review the assets of the trust and make decisions about which to keep and get rid of, in order to manage the trust portfolio so that it agrees with the goals, conditions, distribution requirements, and other details of the trust.

According to Probate Code Section 16061.7, send Notice of the settlor’s death to all named beneficiaries and heirs within 60 days of their passing.

If you have trust assets and aren’t sure whether to invest them, work with an investment manager. If you decide to move ahead with investing, meet with your attorney first. You’ll need help drafting guidelines for your investment strategy and deciding whether you’ll need court approval to carry out the strategy.

If the terms of your trust require it, divide your trust assets into subtrusts.

Notify creditors of any changes.

Pay attention to the following dates:

Probate Code Section 13100 affidavit (no sooner than 40 days after date of death “DOD”)

Alternate asset valuation date (6 months after DOD)

Disclaimer (9 months after DOD)

Form 706, Estate Tax Return (Due 9 months after DOD or file extension)

Change of ownership forms (Due 150 days after DOD)

Medi-Cal Notice to Dept. of Health Services (90 days after DOD)

File notice of death of real property owner with the county assessor’s office.

Prepare and send accounting to beneficiaries identifying all assets, debts, income, and expenses.

Distribute assets to beneficiaries (at least 120 days after giving 16061.7 notice)

Obtain receipts from beneficiaries showing proof of distributions.