My Uncle just passed away. He had a Trust and at his death he nominated me as the Successor Trustee. All I have to do is locate the assets and pass them out according to the Trust correct?

This is another common misconception. It is assumed that because there is a Trust, which does not require Probate that there are not formal steps that need to be taken.  This assumption is incorrect.  If the Trust is a legal and binding document its formalities need to be followed.  An inventory is usually required, as well as an accounting of all activity during the time you are Trustee.  Documents need to be gathered to substantiate these numbers.  A notice to creditors is often recommended and there is usually at least one tax return that the Trust needs to file.  It is recommended that an Attorney familiar with Trust Administration be involved earlier rather than later.

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