Short answer
Start in a fixed order. Begin with the signed trust and amendments, confirm that the succession event occurred, identify and protect trust property, separate records and funds, understand beneficiary interests, and coordinate tax and legal work before distributions.
Confirm the governing documents
Read the complete trust, every amendment, schedules, certifications, resignation or incapacity documents, and relevant estate-plan documents. Do not rely on a summary or a beneficiary's recollection.
Build an administration record
Create a dated ledger and preserve statements, valuations, receipts, communications, tax records, and decision notes. Consistent records support accurate information and later accounting.
Sequence decisions carefully
Early distributions can create avoidable risk.
- Secure and value trust property
- Confirm expenses and creditor issues
- Coordinate tax returns and reserves
- Provide information required by the trust and law
- Document the basis for distributions
- Obtain advice before self-dealing or conflicted decisions