Do you have to do anything if ou have a trust and one trustee dies.

[MaryannS836322]

  I need some advice for the next steps after my husband died.  It has been 3 months and we had a trust.  It is now just one trustee and 3 adult children as beneficiaries,  Do I need to do anything now or can the beneficiaries handle when I pass.

[SpringIsHereVA]

Maryann @MaryannS836322 , WE are here IF you need anything else.

Sending PEACE your way my friend. Again, so sorry for your loss!!!

Luv,

Nicole  🤗🤗🤗  (Grief Forum)

[agoyer]

@MaryannS836322 

I'm so sorry to hear of your loss. I can't imagine what a difficult thing it is to be without your life partner. Legal things like this often get missed when grieving, so I'm very glad you are thinking about taking care of this matter. You are very wise. 

Trusts can be a little bit tricky, and they do vary from state to state a bit. The key thing is that a trustee must have a successor trustee who takes over managing the trust when the trustee dies. If there are additional trustees on a trust, usually one of them takes over and is also designated as the successor trustee. So that is likely you. But now you need to have someone else who will serve as successor trustee when you die. So I believe you need to update the trust now. 

It's really important that you speak with the attorney who created the trust, if you can, to find out if how to do that and anything else you need to do.  If that person is retired or moved away, any estate planning attorney can help you (I do recommend you use an attorney who specializes in estate planning if possible). (The American Academy of Estate Planning Attorneys has a search tool to find an estate planning attorney as does the National Association of Estate Planning Attorneys and Councils.)

This AARP article is helpful in understanding estate planning: The Ultimate Guide to Estate Planning

This will also be helpful: The Pros and Cons of Living Trusts

I was a trustee in my parents' trust, but what I could do had limitations. I think I was also designated as the successor trustee. My sisters and I were listed as beneficiaries. I went back to the attorneys who created the trust for my parents many times with questions and as we adjusted things. So I hope the attorney you and your husband used will be helpful as you update the trust! 

Again, I'm so sorry for your loss. I hope this is an easy process for you to update the trust. 

Take care,

Amy Goyer, AARP Family & Caregiving Expert

[SpringIsHereVA]

AARP Expert Amy @agoyer , thank you for stopping by to help Maryann @MaryannS836322  💛

[SpringIsHereVA]

Thanks Gail @GailL1 , I knew you knew the answer.

Maryann @MaryannS836322 , we are here IF you need anything else.

You are in my thoughts dear friend.

Luv,

Nicole  🤗🤗🤗  (Grief Forum)

[GailL1]

@MaryannS836322 

You need to read your Trust  document or see the lawyer that drew it up for clarity.  Most Trust have a stipulation for this and it could be many different ways - 

Like - the one that remains becomes the sole Trustee or there is an alternate Trustee that could take the place of the deceased - it could be either.  

I am sure that it is covered in your Trust document if you and your husband were joint Trustees before his death.  

I am sorry for your loss 

[SpringIsHereVA]

Maryann @MaryannS836322 I am SO SORRY for your loss dear friend.

I have NO idea, sorry - but I am hoping either Gail or AARP will respond. They will know!

Luv,

Nicole  🤗🤗🤗  (Grief Forum)