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So you were named the successor trustee of a trust . . . now what?

Posted on August 11, 2021 in Firm News

So your friend or relative named you as a successor trustee of his or her trust, or you were named as the successor trustee of your parent’s trust and they have now both passed away.  What do you need to do? 
 
If the existing certificate of trust (sometimes called an affidavit of trust) that the settlor executed does not name you as a successor trustee, you will need to have one prepared.  This formally installs you as the trustee of the trust.  Recording of this document in the county recorder’s office will add you, as successor trustee, as the owner any real property held in trust.
 
Nevada law provides that you may mail a notice of creditors to known creditors and publish such notice in order to give constructive notice to unknow creditors.  If such creditors do not file claims within 30 days after mailing or 90 days after publication, their claims against the trust are forever barred.
 
You may need to apply for a federal tax identification number with the IRS on Form SS-4.
 
Within 90 days of the settlor’s date of death, Nevada law requires you to mail notice to the beneficiaries of the trust and other interested parties.  They have 120 days to bring an action to contest the validity of the trust if they desire to do so.  
 
Nevada law does not have a specific statute requiring the mandatory disclosure of the entire trust document to all beneficiaries.  A court may require it upon petition.  However, Nevada statutes do contain various provisions regarding accountings that must be provided to beneficiaries.  In addition, the language of the trust may require the trustee to provide additional information.