Q: I'm the trustee of my parents' trust and they have both died.  Do I need to do anything or can I just transfer their assets?

A: What you can legally do and what you should do are not necessarily the same thing. If you are the only beneficiary than a formal trust administration may not be the best solution. This means you can dispense with most of the required formalities of trust administration. Generally speaking, you can go ahead and transfer the property to yourself. If there is more than one beneficiary, then you'll probably want to go through a more formal administrative process for the trust. If there is more than one beneficiary then do yourself a favor and order my book on trust administration. This book will give you the complete answer to your question.