How large is the trust estate? If the gross estate (meaning the fair market value of the assets, not reduced by debt) is $2,000,000 or more and the trustor died in 2008, then an IRS Form 706 (Federal Estate Tax Return) is due 9 months after the date of death. That means you must hire both a competent (i) CPA and (ii) probate attorney. (The fact that the attorneys in this field are sometimes referred to as "probate" attorneys does not mean that this estate must go through probate. They are sometimes also referred to as "estate lawyers" or "estate tax lawyers.") The CPA is needed to prepare the decedent's final income tax return, and the income tax return(s) for the trust; the probate attorney is needed to file a copy of the Will with the county, to provide a notice under Probate Code Section 16061.7 to the beneficiaries (as specially defined), to advise you on your responsibilities and to either prepare the 706 or help the CPA do so.
The CPA should file for the taxpayer identification number. The probate attorney will advise you on your responsibilities under (i) California law and (ii) the trust instrument. You should start by reading the trust, in its entirety. A well-drafted trust will describe your recordkeeping responsibilities and the terms under which you are to hold the assets for the minor beneficiaries.
In conclusion, there is material available all over the internet for you to read about your responsibilities. However, there is no substitute for immediately hiring competent counsel. Ask your friends, business colleagues or - best of all - your CPA for a referral to someone with whom they have had good experience in the field of estate planning, probate and/or estate administration.
