05 Aug 2013

Help Available for Successor Trustees

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Trustee Tip:

Help Available for Successor Trustees

In the unfortunate event that a trustee passes away, resigns, fails to qualify or is removed from a case, a new successor trustee gets selected. This successor trustee must meet specific guidelines to remain in compliance with the Chapter 7 Handbook. The required first step is to file an accounting of the prior trustee’s administration of the estate with the United States Trustee. In order to assist in this process, BMS has the ability to add the prior trustee’s case data into your BMS CaseLink case administration system. This way, you will have the ability to run reports throughout the entire life cycle of the case.

If you receive an appointment as a successor trustee, follow the steps below to ensure a smooth case transition.

  1. Collect appointment papers for all the asset cases. These papers will allow BMS to share case data with you.
  2. If there are funds on hand, you will need to request a check for the available balance from the prior trustee’s office. Have them also include a list of any outstanding checks.
  3. Deposit these checks right away; there is no need to wait. If the prior trustee’s office does not have the ability to write checks, request that a UST representative write a letter listing all cases into which Rabobank can transfer funds. This authorization letter will allow the bank to act without a signer. It can also take the place of the appointment papers sent to BMS.
  4. Open accounts in CaseLink Office or CaseLink Web for all cases containing funds on hand.  A list of these account numbers, along with the letter from your UST office, must be provided to the BMS Special Projects team via email.
  5. Do not request a new TIN. A TIN, regardless of the trustee appointment, will follow the estate from open to close; however, a new W-9, which is specific to the signer of the accounts, will need to be submitted to BMS. You can send these W-9s to the BMS Banking Center via email or fax them to 1-866-678-5091.

This process must be completed in order for BMS and Rabobank to request data and move funds from the prior trustee’s office.

A representative from our Special Projects team will contact you as soon as BMS and Rabobank receive this confirmation. They will then be able to inform you when the funds will be received and make an appointment with you to add case data to your BMS CaseLink case administration system. As long as the materials needed are organized and delivered to us, we will handle the rest.

If you have any questions about handling successor trustee cases, contact the BMS Support Center via email or call 800-634-7734 ext. 6.