Making a Trustee arrangement with your fiduciary
This week we share the story of Eileen who hired Premiere Fiduciaries as Trustee and as agents for health care and finances.
We came to meet Eileen because a friend of hers was assisting with her business matters and managing her investments but was becoming overwhelmed. She and her friend communicated with an attorney to identify the best type of assistance for her which was a Trustee, agent for health care decision and agent for finances.
Eileen owned property in and out of state, including a full functioning farm as well as a home. She had no children and no close relatives that lived in the area. Further, her health had begun to deteriorate which included memory loss.
Once a licensed fiduciary from Premiere Fiduciaries became Trustee for Eileen, we continued to work with Eileen’s friend to manage her affairs. Additionally, a geriatric registered nurse case manager was brought in to assist with her health care.
Eventually, Eileen passed away. As Trustee, Premiere Fiduciaries became the successor trustee to handle the final disposition of her assets. Action was taken to distribute her property and assets according to her wishes without the need to involve the courts. Her home was put on the market and an estate sale was held which allowed us to gain the most cash value for her beneficiaries.
A Trustee is an individual named by another to manage property or assets held in trust. This is an arrangement in which the Trustee holds the property or assets of another on behalf of a designated third party, usually referred to as the beneficiary. A Trustee has an obligation to manage the assets or property contained in the trust without regard for personal gain. The Trustee is a fiduciary of the trust beneficiary and must conduct business affairs on behalf of the trust with the highest ethical standards.
Trustees, agents for health care and financial affairs, are an excellent way that Premiere Fiduciaries can assist you and your family with the management of assets, health care and personal needs.
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