The deceased was the Trustee on an account owned by the Trust. Since there is no deceased account owner why do I have to complete a death settlement for the account?
When a Trustee of a Trust or other person acting in a fiduciary role, such as a Guardian, Conservator or Custodian is deceased it is necessary to make adjustments to the account registration to ensure that any remaining and/or successor trustees or other fiduciaries are able to continue to manage the assets. The death settlement process will allow those changes to be made in the most efficient manner. Once the account registration is updated the surviving and/or successor fiduciaries are usually responsible for executing any further management or distribution of assets. In the case annuity investments, the death of a Trustee might cause a death benefit to be paid to the beneficiary.
When a Trustee of a Trust or other person acting in a fiduciary role, such as a Guardian, Conservator or Custodian is deceased it is necessary to make adjustments to the account registration to ensure that any remaining and/or successor trustees or other fiduciaries are able to continue to manage the assets. The death settlement process will allow those changes to be made in the most efficient manner. Once the account registration is updated the surviving and/or successor fiduciaries are usually responsible for executing any further management or distribution of assets.
Related Questions
- The deceased was the Trustee on an account owned by the Trust. Since there is no deceased account owner why do I have to complete a death settlement for the account?
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