“They’ll Help Me Settle Dad’s Estate”
“They’ll Help Me Settle Dad’s Estate”
The Problem:
Jill was perplexed. She had just gotten off the phone with Robert, her father’s attorney. Her father had passed away a week before and Jill had just returned home from the funeral 200 miles away, not for a lack of things to do at her father’s home, but because her own business was going through a crucial period and she needed to be there.
Robert had informed Jill that her father’s estate plan named Jill as successor trustee of his trust and personal representative of his estate. While Jill knew she didn’t have time right now to handle these duties, she couldn’t think of anyone else who could do the job. She had told Robert that due to her other commitments it simply wasn’t possible for her to do everything required at this time. She had asked Robert for suggestions.
The Solution:
A few minutes later the phone rang again – it was Robert. He suggested hiring Fiduciary Partners Trust Company, an independent trust company, as her agent. He explained that Fiduciary Partners could handle the details required to settle her father’s estate and trust, all while operating under Jill’s direction as the named personal representative and trustee. Robert would remain involved to handle legal questions, document preparation and related matters, and Fiduciary Partners would help with the many other details required.
Jill was surprised. “You mean they’ll pay Dad’s final bills, cancel his credit cards, memberships, insurance policies and other obligations, work with his former employer’s benefits department and coordinate with his long-time financial advisor, insurance agent and with government benefits departments? They’ll ship whatever of Dad’s personal effects I choose to keep, arrange for sale or donation of the rest, get his home ready for sale and work with a realtor to sell it? They’ll work with Dad’s accountant to make sure final taxes are paid, go through his mail to make sure nothing important gets missed and act as a filter for people trying to sell me something as a result of Dad’s death, while coordinating all legal matters with you and taking direction from me?”
When assured by Robert that Fiduciary Partners would do all these things and also work closely with Doug, her father’s financial advisor, it took Jill just seconds to agree. As a businessperson, she knew there is a time for do-it-yourself and a time to delegate, and this was definitely a time to delegate. She also knew it would take all her energy to attend to her business and personal commitments while dealing with the stress of her father’s passing, without all these other duties, too. For the first time in a week, Jill was relieved.
Friday, January 15, 2021
Categories: Case Studies