APPENDIX B
Trust Administration Checklist

Name of trust: __________________________

Date of trust: __________________________

CURRENT BENEFICIARIES:

Name	Address	Telephone Number

	Estimated Completion or Due Date	Date Completed
Obtain pertinent documents:
Trust document and all amendments
Copy of will
Deeds
Leases
Insurance policies
Contracts
List of trust assets
Death certificate
Copy of pension, profit-sharing, IRA plan documents
Copy of income & gift tax returns
Other
Gather information:
Names, addresses, phone numbers, dates of birth, and tax brackets of all current beneficiaries
List of remaindermen
Obtain bank and brokerage account statements
Trust accounting reports, if any
Family tree
Copy of federal estate tax return (From 706)
Initial Set-Up Steps:
Prepare inventory
List debts and encumbrances
Obtain an appraisal/valuation of all trust property as of settlor’s date of death or inception date of trust
Take possession/control of all trust assets
Apply for Employer Identification Number (EIN)
Reregister all bank and brokerage accounts and other assets into the name of the trustee
Collect life insurance proceeds
Collect employee benefits payable to trusts
Notify all payors to mail future payments to trustee
If specific bequest is income-producing
Property, separate into segregated account
Review terms of the trust with beneficiaries
Accrue income to date of death, if applicable
Retain advisors:
Attorney
Accountant
Investment advisor
Realtor
Insurance agent
Trust company, bank
Other
Initial administration steps:
Determine income needs of the beneficiaries
Exercise tax elections
File final tax returns (estate and decedent’s final return)
File Form 5495, Request for Discharge from Personal Liability
Perform initial review of trust investments
Estimate initial cash requirements (estate taxes, specific bequests, debts, final expenses, etc.)
Raise needed cash
Fund marital, credit shelter, and generation-skipping trusts, if applicable
Distribute/pay specific bequests
Review the terms of the trust and clarify provisions that are ambiguous or misleading
Review the Uniform Principal and Income Act
Review the Prudent Investor Act
Develop an investment policy and strategy
Obtain fee-sharing agreement from co-trustee(s)
Ongoing administration:
Principal distributions? Yes ___ No ___
Income distributions:
Discretionary? ___ Nondiscretionary?
Frequency of investment reviews:
Quarterly ____________ Semiannual ____________ Annual ____________
Frequency of accounting reports:
Monthly ____________ Quarterly ____________ Annual ____________
Event that triggers termination of the trust:
Termination date of trust: