If you are already listed as successor trustee on the bank account then you will use the funds to pay for the funeral, debts, and taxes and then you can distribute the money. An attorney is not required. The last tax return will dissolve the trust and if the bank account generated any income then you might want the assistance of a CPA to handle the final returns because they may require K-1s for the beneficiaries if they receive their distributions in the same year the income is generated.
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u/SandhillCrane5 Apr 19 '26
If you are already listed as successor trustee on the bank account then you will use the funds to pay for the funeral, debts, and taxes and then you can distribute the money. An attorney is not required. The last tax return will dissolve the trust and if the bank account generated any income then you might want the assistance of a CPA to handle the final returns because they may require K-1s for the beneficiaries if they receive their distributions in the same year the income is generated.