When a grantor of a trust passes away, several important things can take place. The specific requirements are controlled by Mississippi law and the terms of the trust. Some examples follow.
- Death Certificate: Obtain an official copy of the grantor’s death certificate as it will be needed to establish proof of death for various purposes.
- Trust Agreement: Review the original trust agreement to understand the provisions and instructions left by the grantor.
- Notice of Death: Notify the beneficiaries and relevant parties about the grantor’s passing. This may involve sending formal notices to beneficiaries and heirs named in the trust agreement.
- Trustee Acceptance: If the grantor was the trustee of the trust, then trust should designate a successor trustee or co-trustee, they will need to formally accept their role as trustee.
- Tax Returns: Determine if any final income tax returns or estate tax returns need to be filed on behalf of the grantor’s estate. Seek guidance from a tax professional or attorney to ensure compliance with tax obligations.
- Inventory and Appraisal: Compile an inventory of the trust assets, including their values as of the grantor’s date of death.
- Accountings: Prepare regular accountings detailing the trust’s financial transactions, income, and expenses. These accountings may need to be provided to beneficiaries.
- Follow the terms: Follow the terms of the trust regarding whether the trust ends and assets distributed to beneficiaries, or the trust continues by its terms.
- Probate: If there is a need to probate a pour over will, or other will for property now owned by the trust, then a probate proceeding is opened.
