STEVE SINOVIC, NEWS-PRESS STAFF WRITER
February 3, 2009 7:00 AM
Lindsay Leonard said taking care of her grandmother before she passed away was like getting “a crash course in eldercare.” The aftermath was equally revealing. As it turned out, it was a useful education that prepared her well for the business she recently launched — Santa Barbara Estate Services.
As the only family member in close proximity to her grandmother, Ms. Leonard spent about two years paying bills, managing communication with doctors, accompanying her grandmother to appointments, shopping and hiring private caregivers to deal with changing health needs before she went into hospice care.
She gladly took on this task while still working as a financial analyst at a well-known asset management firm in the Santa Barbara area. “It was no different than what other countless numbers of caregivers have done,” said Ms. Leonard, who eventually realized she could help others going through similar end-of-life situations.
“Settling an estate can be like moving through a maze,” said Ms. Leonard, who added that she can help survivors with myriad tasks. “For many people, they are taking on this job while grieving, which can be incredibly burdensome, especially if they aren’t located in the area and have other obligations, such as a job or a family to attend to.
“I started this company to help these people,” said Ms. Leonard, who isn’t aware of a similar business in the area.
When her grandmother died, Ms. Leonard was also charged with settling the estate. In this role, she notified institutions and businesses where her grandmother had accounts and performed an inventory of assets to either liquidate or distribute to beneficiaries.
“It’s a labor-intensive process that requires diligence, patience and a high level of organization, which is a struggle for some people right when a death occurs,” said Ms. Leonard, who also can be a resource for making funeral home arrangements.
She said it’s always best to work with families beforehand so the whole funeral process — whether it’s burial or cremation — doesn’t become an area of conflict at a time when nerves are raw and emotions are running high. “Calming people down before certain issues are brought up (takes) special skill, and often a third party can help move a family through the process,” especially adult siblings who may not share each other’s vision, she observed.
Then comes the hard work — settling the estate, which Ms. Leonard estimates can take anywhere from six months to two years. She has marketed her business to funeral directors, hospice care administrators and physicians. She said she bills her clients “a modest hourly rate” plus hard costs, such as travel, copying, mailing and other third-party fees (appraisals, storage, moving, etc.). She said the business will initially estimate total costs of the assignment, and request a 50 percent deposit toward estimated services.
After the funeral, she will work with clients to locate and review the will and estate documents; help select and notify a lawyer to act for the estate; locate and notify beneficiaries; perform an inventory of the deceased’s assets; obtain appraisals for real estate; give notice of the death to institutions where the deceased had accounts; and more.
One local contact is impressed with the job she’s doing thus far.
“I found that in working with Lindsay, she’s extremely responsible,” said Chris Jones, a Santa Barbara estate and trust planning attorney. “I can always count on her to not only get the job done when she says she’s going to, but she also lets me know along the way how it’s going. She always stays in communication.”
For many families and individuals, Mr. Jones said it’s more cost-efficient for trustees and executors to retain an estate services professional to do a lot of hand holding and hands-on work, rather than an attorney.
“At lot of these situations have looked really insurmountable, and I’ve found Lindsay comes up with some really creative solutions on how to maximize the return for estates — and at the same time promptly settle matters,” said Mr. Jones. “The contents are often the most problematic in an estate, and Lindsay’s really been brilliant at handling them in a way that’s both respectful of people — as well as with an eye toward making a profit on behalf of the estate wherever possible.”
While there are no certification programs at this time focused on estate services, Ms. Leonard said she works closely under the direction of trust and estate attorneys. “I believe that over time such certification programs will be developed,” said Ms. Leonard.
More information can be obtained at SantaBarbaraEstateServices.com.
e-mail: ssinovic@newspress.com
