If you’ve just been named trustee, you’re probably thinking:
“I don’t want to mess this up.”
That feeling is completely normal.
The good news: you don’t have to learn everything at once.
Your job in the beginning is simple, handle the first 90 days calmly and carefully.
Here’s a clear, plain‑language checklist to help you do that.
Days 1–15: Get Oriented
1. Get the trust document (and any amendments)
Find the full, signed trust and any updates. Skim to see:
- Who created it (the settlor)
- Who the beneficiaries are
- Who the trustee(s) is/are
- Basic instructions about what happens after death
You don’t need to understand every word yet. Just get familiar.
2. Confirm that you are the current trustee
Check if:
- You’re the original trustee, or
- You’re stepping in as a successor trustee, or
- There are co‑trustees
You want clarity on who actually has authority right now.
3. Make a simple “people list”
Write down:
- Names of all current and future beneficiaries
- Their contact information (as best you know it)
- Their relationship to the settlor
This becomes your human “map” of who you owe duties to.
Days 16–30: Map and Secure the Assets
4. Identify trust assets
From the trust and any statements you can find, list:
- Real property (addresses)
- Bank and investment accounts
- Retirement accounts or life insurance payable to the trust
- Businesses, rentals, or other significant assets
Don’t worry about perfect values yet. Think “what exists”, not “exactly how much.”
5. Safeguard what’s there
Examples:
- Ensure homes are locked, insured, and secure
- Make sure no one is moving money or property out of the trust improperly
- Redirect important mail, if needed
Your role includes protecting trust assets, not just distributing them.
6. Order death certificates (if the settlor has passed)
You’ll often need certified copies to:
- Work with banks
- Update titles
- Handle tax and legal filings
Days 31–60: Give Notices and Organize
7. Send required notices to beneficiaries
Depending on the law and the trust, you may have to:
- Notify beneficiaries and certain heirs that the trust exists
- Provide copies or key information about the trust
This step is critical. An attorney can help you get the notices and timing right.
8. Open a trust bank account (if needed)
To keep things clean:
- Open an account in the name of the trust
- Use it for trust income and expenses only
- Avoid mixing personal and trust funds
This is one of the best ways to protect yourself from later accusations.
9. Start a simple record‑keeping system
From day one, track:
- Money in (source, amount, date)
- Money out (to whom, what for, date)
- Major decisions and why you made them
A basic spreadsheet is often enough, as long as it’s accurate and consistent.
Days 61–90: Evaluate, Plan, and Communicate
10. Get valuations where needed
You may need:
- Real estate appraisals
- Date‑of‑death account values
- Estimates for other significant assets
Accurate values are important for fairness and tax reporting.
11. Study the distribution terms
Ask:
- Who gets what, and when?
- Are distributions immediate or staggered (ages, milestones, etc.)?
- Are there special instructions for certain beneficiaries?
If anything is confusing or seems contradictory, this is the time to get legal advice before you distribute.
12. Build a simple plan and rough timeline
For yourself (and later, for beneficiaries), outline:
- The major tasks ahead
- The general order you’ll tackle them in
- Realistic timing (months, not days)
Your brain and your beneficiaries’ brains calm down when there’s a roadmap.
You Don’t Need to Be Perfect. You Do Need to Be Careful.
If you:
- Act in good faith
- Keep clean records
- Communicate reasonably
- Ask for help when unsure
…you are doing your job as trustee.
