When the person who created a revocable living trust dies, the process of “settling” that trust is commonly referred to as a “trust administration.”  Trust administration is similar to the probate process, and your role as trustee is similar to that of a personal representative.  Trust administration involves providing required notices and notifications, gathering and taking an inventory of the trust assets, paying debts and taxes, addressing creditor claims, filing income and estate tax returns as needed, completing an accounting for the trust, and distributing assets to heirs or beneficiaries—all in fulfillment of the terms of the trust agreement.