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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
Being A Successor Trustee for My Friends
I became a Successor Trustee for a few friends. Some years ago, I sold a home in the active adult community of Del Webb in Elk Grove to a couple I met from Las Vegas. Rosanna and Rich later became my dear friends. Sadly, Rich died of a debilitating disease a few years ago. It has been a really a sad time for Rosanna. He was the love of her life. They had met in California and moved to Hawaii, sold real estate together on the Big Island. Later they moved to Maui, bought a business and did very well.
Rich decided after several years they should move to Vegas. They loved nightlife and the casinos. After much deliberation, they sold the Maui business to a friend and moved. They bought a place near the casinos. The business in Maui filed BK 18 months later, evidentially run into the ground. Rosanna said the business had been a cash cow. To end the nightmare, they had to buy out the space lease; it was a real mess.
I relocated them to the Sacramento area from Las Vegas. The hot temperatures were taking their toll on Richard. After Richard passed, no one in the family wanted to accept the role of Successor Trustee. To be a Successor Trustee, you have to be willing to stop life support, if that’s what the DNR (do not resuscitate) dictates. She asked me and I said it would be my honor to accept the role. I am now the Successor Trustee of Rossana’s Trust. Rosanna has no children. I’m not an heir. I told her I want no payment whatsoever. Friends help friends. I’m happy to help ease her worry.
Rosanna knows I have no problem making decisions that relieve the suffering of animals and or humans. Another friend of mine whom I’ve known for about 30 years also made me the Successor Trustee of her trust. She has two children, but they’re both not really in a position to make the final decisions or handle her finances.
I also, of course, would take care of all the cats if something ever happened to either person as I’m the Successor Trustee for my friends. They know I will do what they wanted to the letter. Everybody knows I have 10 cats and always have room here on my farm for a few more.
I delivered Rosana’s kitty yesterday evening. She adopted the orange tabby I was fostering. I have gotten so attached to him so it wasn’t easy to say goodbye. I knew that she was going to be happier and not so sad. His sweet personality he will provide her so much company. He will have lots of love and attention 24/7.
Before I delivered the kitten, I went to the pet store and bought everything I could think of toys, cat trees, scratching boards, catnip, litter boxes, cat litter, cat food, and a big cat cage. I also took all of the things that have familiar smells from my house. He loves his pillow, and his favorite toys so that he would not be so stressed by the move and living with a new person.
Rosanna then said let’s go to dinner as we had kitty all setup. We put him in his cat cage which he’s used to, as he has one at my house that he just loved. I didn’t even get home until almost 11 p.m. and I was dead dog tired. I know sweet “Buddy,” one of the orange tabby kittens will give her so much love and companionship. Goodbye for now sweet kitty. You will be missed but your huge purr and tiny paw prints made an impression on my heart forever.
If you want to list or sell real estate and need a referral to a great trust attorney, please call Weintraub & Wallace Realtors with RE/MAX Gold. We can be reached at 916-233-6759.
–JaCi Wallace
