Trustee for Estate | Selling a Trust property.
Lets Talk about that, right after this! ~INTRO~ Hi, I’m Kim Ward. Real Estate Broker in San Diego, California…
and expert at helping trustees, executors, and administrators with homes in trust or
a probate. Welcome Back to my channel, if you’re new here please subscribe! and hit
that bell button! That way you’ll be notified of all my upcoming videos, and you wouldn’t
want to miss any of them. Trustee for Estate | Selling a Trust Property. As the person
that is legally obligated to carry out the wishes of your loved one, you’re responsibilities
are frequently sensitive and can become complex and time consuming. As a Trustee your duties
will include addressing all the legal and tax matters, as well as, helping the family
members feel comfortable through out the days, weeks, and even months ahead. It the early
days, you’ll want to review and understand the trust terms. You want to take possession
of the trust assets, including all real estate holdings, investments, portfolios, business
interests, insurance policies, retirement plans, and all personal valuables. You’ll
be developing a plan for federal, state income, and estate taxes. You’ll meet with the family
members and beneficiaries, maybe by phone or email. you’ll coordinate appraisals and
asset valuation, you’ll develop a trust administration action plan. Understand carrying out the legal
matters, by coordinating with legal council and keeping accurate records of accounting
details. You’ll also need to hire a realtor to help guide you through the preparation
of marketing and sale of the decedents home. If the decedents home is in San Diego County,
my team and I can be your resource, if you’re in another area of the country we can also
introduce you to a real estate professional that can help you. as the person that the
decedent appointed to carry out their wishes, you’ll have the responsibility for the following:
respect the family legacy; avoid conflicts of interest; maintain the trust affairs confidentially;
make decisions that reflect the wishes of the trustor; and protect the estate in any
manner necessary. Trustee Kathy shared that she really didn’t have experience in managing
an estate. Her sister had children that lived out of the state and she had to explain the
process to them via email and phone calls. It was a challenge to help the beneficiaries
to understand the timeline of settling the estate, because it was many months to simply
get to the point of readying the decedents home for sale. Kathy needed to choose an estate
sale company to help with the liquidation of the remaining personal property, then as
one of the largest assets of the San Diego trust it was a process and an expense to prepare
the home for the highest price and the best terms of sale. She then interviewed three
real estate agents, and chose my team and me to help her because she believed we were
her best option. Once that home was sold the process of closing the estate also took months!
Kathy shared with me that becoming the trustee for her sisters estate, she had to hone these
following skills: Good accounting and book keeping, maintaining accurate records for
all income and expenses, she had to prepare and distribute periodic accountings to the
beneficiaries, and she needed to prepare and file income tax returns, and distribute funds
per the trust. Kathy believes that her biggest responsibilities were: teaming with the best
professionals, including my team; keeping all the children informed of her progress,
and remaining calm. So, this is an overview of some of the details when becoming a trustee.
Of course, each estate is unique and having a trusted team to lead, guide, and protect
you and the estate will help you to press the EASY button. Thank you for watching! If
you have questions, please post them below, or comments (I love to answer questions, and
to read your comments). Don’t forget to subscribe, and hit that bell button! And if you liked
this as thumbs up is always appreciated! Thank you and I’ll see you next week!