Download/Print Article Here Lindsay Leonard, a California licensed private professional fiduciary, has continuously offered her services to the public for the last 10 years. In that time, she encountered many scenarios where families struggled with their own internal dynamics during periods of rapid, cumulative changes. Those shifting components led her clients to seek outside…
How a Private Professional Fiduciary Can Help Today Perhaps you’re astute enough to recognize the term “Private Professional Fiduciary” and already know that this is a wise alternative solution to naming family members as successor trustees in estate planning for a variety of smart reasons. Because those we love are often busy with their own…
Santa Barbara, CA (Santa Barbara Lawyer Magazine) December 2018 — Private Professional Fiduciaries as Revocable Living Trust Successor Trustees Frequently estate plan lawyers engage in discussions with clients about who to appoint as successor trustees for revocable living trusts. Just as frequently, those clients often want to designate their children, siblings or other family members to take…
So what happens when a spouse passes away with the former sub-trust estate plans from 20+ years ago? The trust administrator endures headaches and could spend a lot of time on unnecessary sub-trust allocations or administration complications.
In many cases, when senior citizens need help in managing their money, adult children or other relative step in, but oftentimes, the children live too far away or just don’t have the time due to their own busy schedules. Whether it’s just balancing a checkbook or a monthly reminder of bills that are due, the process of elder preparedness should include money management services.
To get a better grasp of the trust administration process, it is important to have at least a basic understanding of what a trust is and how it can function in the estate planning process. A trust is a legal mechanism frequently used in estate planning, not only to manage property assets during a person’s lifetime, but also to distribute assets after death. A trust can distribute estate assets to several different people or entities and also set conditions as to when and how much each beneficiary will receive.
A fiduciary is a person given the responsibility of caring for your finances when you are unable to do so. Many times people choose a trusted friend or family member to care for their financial assets. Why use a professional fiduciary instead? Consider our top three reasons.
