What paperwork do I need for closing a trust administration?

As you prepare to take the finals steps during the administration of your loved one’s trust, there is a great deal of information that you will need to have on hand. Trustees must provide beneficiaries with a final accounting of the income, expenses, and assets of the trust. In the alternative, they can provide a summary report. Regardless of which route you go, there are various types of paperwork that will help you to complete this step.

Five Documents to Have on Hand

  1. Copies of the trust instrument. The trust itself may contain certain instructions relating to the termination of the trust, including the amounts and types of assets that should be distributed to the beneficiaries.
  2. Copies of bank statements. You will need this information in order to provide the beneficiaries with a report of the income and expenses of the trust, as well as the current balance of trust assets.
  3. A copy of your Trustee Acceptance form. This document proves to the bank or other inquiring entity that you are, in fact, in charge of administering the estate. There are many situations where you will need this form. For example, if you are selling a house in Anaheim that belongs to the trust, the bank and the closing attorney handling the sale will want written proof that you have the authority to sign the necessary documents.
  4. Copies of paperwork for closing estate bank accounts.
  5. Copies of completed tax returns in order to include this information on the final accounting or summary report.

There are many other types of paperwork that you will need to complete the closing of a trust administration; however, these are some of the more common.

If you feel overwhelmed by the amount of work that lies before you as a trustee, it is important to note that you do not have to navigate this process alone. We encourage you to reach out. Send us an email today!