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What happens upon my death?

The person named in your Living Trust to take over after your passing is called your "successor trustee". Generally for husband and wife, the survivor becomes the sole trustee and the "successor trustee" does not act until the death of the surviving spouse. When the successor trustee does become the current trustee, most often that person will call me and I will request that the successor trustee prepare an inventory of the assets and their respective values. At my first meeting with the successor trustee, I will then review the inventory to make sure that all the assets have been transferred into your Living Trust. If there are assets which are outside of the Living Trust, then I will review how title to them is held and take whatever steps are appropriate to get those assets distributed. I will also review the inventory to determine what asset allocations, if any, are necessary and whether there is the need to file an estate tax return. For further information on this topic, please refer to the section titled "Trust Administration".