Picture of airplane takeoff

Opening Phase of Trust Settlement

      The successor trustee collects and reviews legal documents, presents paperwork to financial institutions to control trust assets, and identifies and notifies trust beneficiaries.

Interim Phase of Trust Settlement

The sucessor truste deals with creditors claims and liabilities, crafts a trust settlement agreement with beneficiaries,  deals with any troublesome assets, and continues to marshall the assets of the trust.

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Circles checkmarked to show completion

Closing Phase of Trust Settlement

      The successor trust accounts to beneficiaries, makes distributions of the trust to beneficiaries, and otherwise wraps the trust up (unless the trust has provisions for continuation of the trust).