When a trustee passes away, probate may not be required — but the trust still needs to be properly administered. We guide successor trustees through every step of settling and distributing the trust estate.
If your parent or family member had a Revocable Living Trust, the good news is that the probate court process is likely unnecessary. The bad news is that you — as the named successor trustee — now have legal obligations that can feel just as overwhelming.
As successor trustee, you are legally required to notify beneficiaries, inventory assets, pay debts, file tax returns, manage the farm during the transition period, and ultimately distribute assets according to the trust’s terms. You are personally liable if you make mistakes.
Most successor trustees have never done this before. They don’t know what legal notices are required, what tax returns need to be filed, or how to properly transfer title to farmland from the trust to beneficiaries.
We step in and walk you through the entire process. We prepare all required notices, handle the accounting, coordinate tax filings, prepare trustee deeds, and ensure that the trust is settled correctly and completely.
Administering a farm trust has unique challenges that most attorneys aren’t equipped to handle. Who manages the operation during the settlement period? Can the successor trustee sign a new cash rent lease? Should grain be sold now or held? What about the operating loan that comes due in March?
These questions require an attorney who understands both trust law and farming. We help successor trustees make informed decisions about managing the agricultural operation while simultaneously settling the trust estate.
When the trust is ready to close, we prepare trustee deeds to transfer farmland to beneficiaries, coordinate final tax filings, and provide a comprehensive closing accounting to all beneficiaries.
We don’t do hourly billing, and we don’t hand you a stack of paper and wish you luck. Our process is designed to be transparent, thorough, and completely finished when we’re done.
You formally accept the role of successor trustee. We prepare and send all legally required notices to beneficiaries and, if applicable, creditors. We obtain a new EIN for the trust.
We help you inventory all trust assets, determine current values, manage ongoing farm operations, and make interim decisions about grain sales, leases, and operating accounts.
We coordinate with the CPA to file the decedent’s final income tax return, the trust’s fiduciary return (Form 1041), and any estate tax returns if applicable.
We prepare trustee deeds, retitle accounts, distribute assets per the trust terms, and provide a final accounting to all beneficiaries. The trust is then formally closed.
Everything a successor trustee needs.
We prepare and deliver all legally required notices to trust beneficiaries within the required timeframes under Nebraska and Minnesota law.
Full trust accounting from date of death to closing, including coordination with CPAs on fiduciary income tax returns and estate tax returns.
We prepare and record trustee deeds to transfer farmland from the trust to individual beneficiaries, and retitle all other assets accordingly.
If you’ve just been thrust into the role of successor trustee, we can help. Schedule a free consultation and we’ll walk you through exactly what needs to happen.
