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Step by Step Guide - How to Settle a Revocable Trust After the Trustmaker Dies


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Step 4 of Trust Settlement - Pay the Decedent's Final Bills and Trust Expenses

Once the date of death values have been determined for all of the decedent's assets, the next step in settling the Revocable Living Trust is to pay the decedent's final bills and ongoing expenses related to administering the trust.

It is the successor Trustee's job to figure out what bills the decedent owed at the time of death, determine if the bills are legitimate, and then pay the bills. The successor Trustee will also be responsible for paying the ongoing expenses of administering the trust, including any legal fees, any accounting fees, utilities, insurance premiums, mortgage payments and homeowner's or condominium association fees.

Once the successor Trustee has paid the decedent's final bills and has the trust expenses under control, the next step is to pay any income taxes and estate taxes that may be due.

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