Is Your Trust In Order?

A Trustee’s Job, No Easy Task

Is being appointed a Trustee a gift or a burden?

Over the past week, I’ve spoken to three clients who are the trustees of their family estates. Whether it’s a wealthy estate, a small estate, or one with a few thousand dollars in cash and a single home, the job of a trustee can be quite intimidating. Holding the title of trustee is not as if you are bestowed a King or Queen. It’s a major responsibility. No one truly understands this until they’ve been through it themselves, as a trustee, beneficiary or spouse.

When you are young and naive and haven’t had such an experience, you may think, “I want to be the trustee when the time comes.” To that, I say, do your research ahead of time. Do you really want that responsibility? Do you have the time, desire and/or capacity? Co-Trustees is another option, with its own set of issues, and you can have up to four trustees. But more often than not, it’s a sole person who holds the title of trustee. What are some common challenges faced by trustees in estate management? Trustees have a fiduciary duty to act in the best interest of the beneficiaries. This includes managing the real estate assets prudently and responsibly.

As a Realtor it is important to know and understand what your client is going through. The job often falls on the shoulders of a single trustee following the death of a parent, brother, sister, aunt, uncle, grandparent or even a close friend. More often than not it’s an extremely sorrowful and emotional time. Then add that metaphorical stack of bricks on top the shoulders of the newly appointed trustee and observe the stress and emotions overflow.

As a Realtor, understanding and empathizing with clients who have recently become trustees due to the passing of a loved one is crucial. The responsibility of a trustee can indeed add an additional layer of stress during an already challenging and emotional time.

Here are a few reasons why being a Trustee can be particularly overwhelming:

1. Emotional Burden: The loss of a parent, sibling, relative, or close friend is a deeply emotional experience. As a trustee, individuals may find themselves not only grieving but also having to navigate the practical and legal aspects of managing the deceased person’s real estate assets. This emotional burden can make decision-making and handling financial matters even more challenging.