What steps are needed to be taken by my daughter to put my living trust in effect after my death…..many years from now. Thank You
Terry Says: Yes, I hope it is many years from now! If she is named as your successor trustee — AND IF you retitled all your major assets (your house, your savings accounts, CDs, stock accounts) in the name of your revocable living trust, then she simply shows a certified copy of the pertinent trust page and can manage all of your accounts. If you have made specific “bequests” in your living trust — ie your engagement ring, grandma’s silver, a special painting, etc) then she is responsible for distributing them to the person you named.
Note that accounts with beneficiaries (insurance, IRAs) pass directly to the named beneficiary outside of her direction. The beneficiaries will need a certified copy of the death certificate to prove they are the recipient. There will, inevitably, be some assets that are not titled in the name of the trust — your car, your everyday checking account, etc. Those items would pass through the process of probate –changing title to them. So your estate planning attorney probably created a “pour-over will” saying those assets should be left to your RLT — and distributed by your daughter, the trustee.
Just make sure you worked with an estate planning attorney to create your revocable living trust and other documents (healthcare power of attorney, living will) so there is no hassle when the time comes and it is too late to fix any mistakes!