You were honored to be named a fiduciary in a loved one’s estate planning documents. They recently passed, now what?
You remember the day when you were asked to fulfill the wishes of a family member and/or friend after they pass. In the conversation, they stated they went through the estate planning process with an attorney and have the necessary legal documents in place including a trust of how assets are to be transferred when they pass. They asked you to be the successor trustee of their revocable living trust as they are confident you will fulfill the responsibilities in that fiduciary capacity. You agreed. What an honor you thought, right?
Years have passed and the family member and/or friend expired after a long battle with an unforgiving illness. It was a lovely funeral celebrating their life. The thought of being successor trustee in the back of your mind over the years is now a reality. You’ve never done this before. Not much was said after you agreed to be the successor trustee. You think to yourself, where do I even begin? There is a house, vehicle, jewelry, bank accounts, investments and multiple beneficiaries who know you are the successor trustee. You realize you don’t even have the estate planning documents to know the intentions of your loved one. Oh by the way you work full-time and are raising a family . . .
Where do you turn? Who can explain the responsibilities of a fiduciary? Who can provide guidance? Who can complete the required statutory steps in the estate administration process? What if I determine I cannot properly fulfil the successor trustee role?
On the Horizon, PLLC is a Michigan CPA firm specializing in professional fiduciary services. We can review your situation and provide a personalized and specialized road map navigating through the complexities of administering an estate.