I developed the idea of a communications notebook when I was caring for my grandmother which became a valuable tool that helped me stay on top of her day-to-day care while ensuring she maintained a high quality of life. Visitors are a very important aspect of ensuring the elder in your care has enough social stimulation, but there may also be times when you need to curtail a situation where there is too much activity.
The duty of loyalty includes the duty to deal impartially with all beneficiaries. This can be especially challenging if there are many beneficiaries each with different wants and needs. It is further complicated when the trustee is also a beneficiary. Above all, the terms of the trust dictate how the trustee must proceed with regard to the beneficiaries. When the trust documents are not explicit the trustee must use their best judgment to perform his job.
When I was taking care of my grandmother I developed a communications notebook as a tool to help her day-to-day caretakers and myself manage her quality of life. In the past two newsletters I covered the overall purpose of the communications notebook and the Weekly Activity Schedule included in Tab 1. This month I will address the second tab, which includes the Daily Meal Schedule.
The beneficiaries of the trust are those who enjoy the benefit of a trust’s assets. Beneficiaries may include the spouse, children, associates or other family members of the creator of the trust. Non-profit organizations, religious institutions and other charitable entities as well as businesses may also be beneficiaries. The Trustee has certain duties to all the beneficiaries of the trust, which may become more complicated when there are different classes of beneficiaries or when the trustee is also a beneficiary. One very important duty is the duty of loyalty to the trust’s beneficiaries.
The Daily Schedule tab of the Communications Notebook is an excellent way to ensure the elder in your care continues to lead a full life that she enjoys. It helps caregivers understand what activities are important and ensures that they have a full range of ideas for what to do each day. You can keep a close eye on how your elder is doing each day too.
Lindsay Leonard of Santa Barbara Estate Services became a licensed California Professional Fiduciary this year and earned certifications in Professional Fiduciary Management for Conservators and for Trustees. She also became a National Certified Guardian and joined the Professional Fiduciary Association of California. These credentials will allow her to enhance the scope of services offered to existing clients and expand her practice to a wider audience.
This is the third article in a series detailing the duties of a trustee. We have explored the duty of a trustee to comply with the terms of the trust instruments as well as the duties to control trust property and make it productive. This time I will address the duty to enforce claims the trust has against others and to defend actions against the trust. Before taking on the responsibility of acting as a trustee it is crucially important that you fully understand all the legal duties that come with the job.
Last newsletter I covered the duty of a trustee to comply with the terms of the trust instruments. This time I will address the duty to control the trust property as well as make the property productive. This means that the trustee has a legal obligation to ensure that the trust not only maintains value but also increases in value as appropriate within the terms set out by the trust instruments.
Estate planning does not begin and end with drawing up a will or trust. It encompasses the entire process of communicating to your loved ones how you would like to leave your affairs. Unfortunately, it is all too common for a family to become bitterly divided after a death. Survivors file lawsuits and engage in nasty behavior rather than celebrate the life of the deceased. Proper communication during the estate planning process can help avoid these problems. However, because this can be an emotional time people are often reluctant to have these conversations.
When working with elderly clients who are trying to get their affairs in order, performing an inventory of their financial and personal assets is an excellent place to start. Not only does it decrease the burden on their loved ones, but it helps elders feel in control of their affairs. There is an added bonus that in an emergency this helps establish and expedite insurance claims.
