You've made it through the first 30 days as trustee, and realized there is more to the job than you expected. 

The first month is usually filled with immediate tasks—finding documents, securing assets, opening a trust checking account, and getting the right professionals involved. Once those things are in place, the pace slows. 

Before you can distribute assets or make many financial decisions, you need to know exactly what the trust owns. That means creating an inventory, or simply a list of everything the trust owns and its worth.  Bank accounts, investment accounts, real estate, business interests, vehicles, and personal property all need to be identified and documented.  Some of these assets may need professional appraisal or valuation. Accurate values are important for both the beneficiaries and the tax reporting that comes later.

Don’t assume distributions happen right away, as legal and tax issues are yet to be considered.  This is also where many trustees start feeling pressure to move faster.  Depending on your state, there may be creditor claim periods or other requirements that need to be completed before distributions are made. Waiting isn't exciting, but it helps protect you as trustee.

Keep copies of appraisals, account statements, receipts, and correspondence. Keep notes about important decisions, staying organized as you go.  It isn’t much fun to try to remember at tax time what happened months earlier, and we have seen many trustees spend countless hours trying to rebuild transactions later because they didn’t keep good records from the beginning.

The middle months of trust administration are slow and deliberate.  A little extra time now can prevent much bigger problems later.

Most trustees only do this once.  Having the right team can make the process much less overwhelming.  At Rehfeldt Group CPAs, we help trustees stay organized, handle the financial reporting, and navigate the tax responsibilities that come with administering a trust.