After identifying all of the other trust assets, e.g. bank accounts and investment accounts, have the title to those assets transferred into your name as successor trustee. Then, obtain a federal tax identification number for the trust in the same name as the trust so any income earned from those assets is reported correctly to the IRS. With the right information, you can obtain a federal tax ID number for your trusts online from the Internal Revenue Service. If you are working with an an attorney, this person can obtain the number for you.
Beware: Do not use your own social security number as an identification number when administering someone else's trust, or you will find yourself liable for tax on income earned by the trust, and not by you.
Have all trust accounts transferred to your name as successor trustee, using the new identification number. If you are administering a trust that is splitting into multiple share trusts as part of a distribution plan, each share plan needs its own federal tax identification number.
Assets the decedent has not placed into his or her trust before death are subject to the probate process as part of the decedent's estate. The most common way this situation can be dealt with during Trust Administration is through the use of a Will with a "pour-over" provision. This provision directs that any assets not placed into the trust during the deceased's lifetime will be put into the trust at death and distributed according to the terms and conditions of the trust.
Your attorney will prepare a document known as a Certification of Trust, which will identify you as successor trustee and set forth the scope and extent of your powers. The Certification will also set forth how title to the assets should now be held and will recite the new tax identification number to be used for all trust accounts. You will want to present this Certification to any financial institution holding trust assets in order to have the assets transferred to your name. All assets need to be inventoried and prepared for appraisal. Assets such as real property should be appraised immediately from the date of death