If you have been named successor trustee of a revocable living trust, your authority begins the moment the prior trustee is unable to serve—either because of incapacity or death. There is no need to wait for a court to appoint you. That immediacy is powerful, but it comes with fiduciary duties you must meet from day one. What follows is a lawyer’s practical guide to your first thirty days, the standards you will be judged by, and the paperwork that keeps families informed and reduces conflict.

Your legal standard of care

Trustees operate under a duty of loyalty to the beneficiaries and a duty to manage assets with prudence. The prudent‑investor framework does not demand perfect foresight; it expects process. You gather facts, consider liquidity needs and risk tolerance, diversify where appropriate, monitor costs, and document decisions. You also have a duty of impartiality—if there are multiple beneficiaries, you treat them even‑handedly within the trust’s distribution standards. When a beneficiary wants more or faster, your answer is the document: you follow the instructions the grantor wrote.

The first week: establishing control and making things safe

Begin by locating the trust, any certificate of trust, and the asset map the grantor hopefully kept. Present the certificate to banks and brokers so they update records and release information to you. Secure the residence by checking locks, forwarding mail, and confirming that utilities and insurance remain active. Freeze automatic transfers that no longer make sense, but keep critical services paid. If there are pets, arrange care. If the grantor has died, order multiple death certificates; institutions will ask for them. Open a dedicated trust checking account for administration expenses and deposit any incoming income or refunds. Never commingle funds with your own.

The first month: notices, inventory, and valuation

Beneficiaries deserve to know you are acting. Send a simple information letter explaining your role, the general process, and an expected timetable for updates. Then build your inventory. For financial accounts, pull statements and confirm titling. For real estate, find deeds and property tax bills; schedule a drive‑by inspection if no one has eyes on the home. For unique assets—collections, closely held business interests—identify experts who can value what you have. The point of valuation is not to impress anyone; it is to anchor accounting and, if later distributions are percentage‑based, to create a fair baseline.

Money management while you hold the pen

Even when distributions are expected soon, you manage to the standard. Maintain appropriate cash for carrying costs and taxes. If the trust holds a concentrated stock position, consider whether partial diversification is warranted before distributions. If the trust owns a residence that will be sold, secure it, keep insurance current, hire reputable agents, and document the listing and sale process. Your goal is not to time the market; it is to act prudently and transparently.

Paying bills, taxes, and determining what is “valid”

Most trusts permit you to pay valid debts and expenses before distributions. Valid means the obligation truly belongs to the trust or the decedent and is properly documented. Keep invoices and receipts. Track everything in a simple ledger. If the grantor has died, you may also coordinate with the executor of the pour‑over will for items that were not titled to the trust, so the two of you do not pay the same bill twice from different pots. On taxes, expect at least a final personal return for the decedent and, if the administration spans tax years or includes significant income, a trust return. Hire a preparer if needed; that is prudent, not extravagant.

Communicating with beneficiaries without inviting chaos

Silence breeds suspicion. Short, factual updates do the opposite. Tell beneficiaries what you are doing this month—securing assets, listing property, reconciling accounts, scheduling appraisals—and when you expect to propose preliminary distributions. When beneficiaries understand the sequence, they are less likely to assume delay equals mismanagement. If someone demands an immediate advance, check the document. Some trusts allow limited advances; others do not. In either case, your job is to apply the terms consistently.

When to bring in help

Hiring professionals is often part of prudence. Real‑estate agents move property faster than well‑meaning relatives. Appraisers prevent arguments over value. Accountants keep you onside with tax deadlines. If a beneficiary is hostile, counsel can help you navigate requests without escalating cost. Fees paid to appropriate professionals for trust work are trust expenses; you should not be out‑of‑pocket for necessary help.

When you can distribute

Many trusts allow you to make preliminary distributions once you have secured assets, set aside reasonable reserves for bills and taxes, and confirmed no large unknown liabilities remain. Do not rush a distribution that would leave you unable to pay property taxes or insurance on a house still for sale. When you do distribute, document the calculation. Provide a simple statement showing what the trust held, what you reserved, and what each person is receiving. Ask for signed receipts. These habits turn questions into brief conversations rather than disputes.

Closing out

Once assets are sold or transferred, taxes filed, and reserves released, you can provide a final accounting and close the file. The trust may specify what form that accounting should take or what approvals are required. Keep the binder intact. Years from now, a beneficiary may ask how you calculated a distribution; your records will answer in a single email.

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