Being Named A Successor Trustee As A Professional Fiduciary
Being named a successor trustee as a Professional Fiduciary is a seriously responsible job. What made me think of this is I work with Professional Fiduciaries. They represent people who need representation as they don’t have a family member or a friend they trust enough to take the job. Often, they have no family.
A Professional Fiduciary gets paid, of course. They go to doctors’ appointments, hospital stays, pick up prescriptions. They even purchase memory foam mattresses to keep their clients more comfortable. It is not inexpensive to have professional care, but it is a lot less than going into a care facility. Professional Fiduciary cases often prolong independent living in most cases.
One of my fiduciaries was at the hospital yesterday for four hours as one of her clients had a procedure. I often talk to her at night, and she is at the hospital until the early hours after midnight. She also pays bills for them. Her job entails taking care of their home and whatever else needs doing. Being named a successor trustee as a Professional Fiduciary is a vast job and carries so much accountability to the courts.
A few years ago I met a couple who wanted to buy a home in Elk Grove at Del Webb. I became very close friends with them. Unfortunately, the husband was also very sick with a horrible disease. They had no children. Sadly he passed away. I became the Successor Trustee for their trust. I am not receiving anything from the trust and I don’t want a red cent.
My friend has family members to help with the daily functions. I would be called in the event she became unable to care for herself, or doctors feel it is time for hospice. In the event she passed away, I would then administer the trust so her assets could be liquidated, including her primary residence. After the liquidation, the assets could be distributed to her heirs. She is doing well so I expect many happy years of visiting my friend.
Please call Weintraub & Wallace with RE/MAX Gold, if you would like to buy or sell a home. We represent a large number of Trustees and Successor Trustees as well as probate court sales. We can be reached at 916-223-6759.
Weintraub & Wallace