Trust has been distributed, what now?

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I'm administrator of father's trust, creditors paid and assets distributed to bene's accordingly. Where does trust go from here or is it finalized with final tax return?

Attorney Answers

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James Oberholtzer ·
The answer depends on how the trust was created and how you came to be the administrator. If you were appointed by a court, you need to comply with the court's rules on termination. Usually the person in charge of a trust is called a "trustee." Your use of the word "administrator" makes me concerned that you may mean an estate instead of a trust. There is a significant difference especially as to this question. If you are the trustee of a purely private trust (there was never any court involvement with the trust), then, in most states, you need to be sure that all of the terms of the trust are satisfied. If so, you should render an accounting to the beneficiaries, pay all expenses including final taxes, distribute the remaining assets per the terms of the trust and obtain receipts from the beneficiaries that they are satisfied and they have received everything that they are entitled to. Then you are done. If you want additional certainty, you can do to court and ask the court to review all of the documents and give your instructions of what you must do. However, this can be expensive. I am not licensed in Arizona and there may be specific requirements or rules there that I do not know. You should consult an Arizona licensed attorney to be sure. If you think this post was helpful, please check the thumbs up (helpful) tab below. Thank you! hope this helps. ***************************************** LEGAL DISCLAIMER James Oberholtzer is licensed to practice law in the Commonwealth of Virginia and the States of Illinois, Oregon and Washington. He has offices in Chicago, Illinois and Portland, Oregon. His law practice focuses on estate planning, probate administration, family succession planning, tax,real estate and tax exempt organizations. The foregoing statements do not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in the subject area in your state. The law changes frequently and varies from state to state.
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