141: Managing Real Estate Assets as a Trustee

Absolute Trust Talk

Managing a trust can be challenging, especially when it involves real estate assets. In this episode of Absolute Trust Talk, host Kirsten Howe welcomes Karen Fisher, founder of Bishop Fiduciary Services, and Kathy Rodriguez, a licensed professional fiduciary and co-trustee with Bishop Fiduciary Services. Together, we will explore the complexities of life estates and trustee responsibilities and the essential steps for protecting and maintaining real estate assets, from securing insurance and handling maintenance to addressing unique challenges faced by elderly inhabitants. Karen and Kathy also highlight the critical differences between professional fiduciaries and family member trustees. Tune in to gain valuable insights and hear real-life examples that will help you manage these responsibilities with confidence.

Time-stamped Show Notes:

0:00 Introduction

1:18 Please join us in welcoming Karen Fisher and Kathy Rodriguez of Bishop Fiduciary Services!

3:20 To help get us started, Karen and Kathy define what a licensed professional fiduciary does and why they are unique to the estate planning and administrative world.

6:00 Why is it so crucial to evaluate the condition and value of property in a trust?

9:25 There are countless things to think about when you're in charge of someone else's real estate. Here are a few you might not have considered.

13:50 Estate planning can involve some tough conversations. Hear how Karen and Kathy handle these sensitive topics with senior homeowners.

15:50 As professional trustees, Karen and Kathy think about things that family-appointed trustees might overlook, like fire hazards or fall risks. Let's dive into that.

16:35 What should a trustee do when they're responsible for a home that's empty?

19:10 Storytime! Listen to this wild tale about professional squatters moving in overnight.

20:30 Thanks so much to Karen and Kathy for their amazing insights. We can't wait for Part 2 of this conversation!