142: Navigating Trust Administration with Real Property

Absolute Trust Talk

Navigating the administration of a life estate trust with real property can be a complex task. In this episode of Absolute Trust Talk, Kirsten Howe is joined by Karen Fisher and Kathy Rodriguez of Bishop Fiduciary Services to delve into the intricacies of life estates involving real estate. They cover the unexpected responsibilities of a trustee, strategies for properly dividing assets, and essential tips to set up your trust for success if you own property. Whether you’re crafting your estate plan, managing one for someone else, or potentially inheriting one, this episode is packed with valuable insights you won’t want to miss.

Time-stamped Show Notes:

0:00 Introduction

2:36 Being a trustee comes with a wide range of responsibilities. One important aspect is to examine the terms of the trust to determine what the life estate beneficiary and trustee are responsible for. It’s also very important to consider liquidity.

7:58 What if a beneficiary wants a portion of the trust to go toward their inheritance? Short answer: Trust the trust.

10:30 Many questions and concerns about the property can be eliminated by one action: Getting an appraisal.

11:30 Interested in the appraisal process? Tune in now as Karen and Kathy break it down for us.

16:45 We asked our guests what they wished their client’s trust included. Here’s what our experts had to say about trust inclusions.

17:52 Karen’s time- and money-saving advice: Don’t wait to downsize.

19:00 Thank you to our amazing guests, Kathy and Karen, for sharing such great insights with us!