What Defines You in Your Role When Administering an Estate? – Fiduciary Broker Vlog #5

Hi, I’m Dan Collins – a Sacramento, California
licensed real estate broker with expertise in real property matters involving Probates
and Trusts. I am also a California licensed general contractor
and I act as court appointed receiver administrator for the Superior Court. If you have found yourself tasked with being
an Executor administering a Probate or a Trustee in an estate, I can help you effectively execute
your duties that attorneys do not help you with. To learn more, please visit my website: probate-realtor.biz
Today’s subject is about serving as a Trustee or an Administer to an Estate, and the obligation
to act as a fiduciary in your role. I read a Zig Ziglar quote this morning that
was very appropriate to this subject. Mr. Ziglar stated: “Integrity eliminates
guilt, because you do the right thing.” If you are a family member that has been tasked
to administer an estate, you may not know it but your actions will define you, and your
family’s opinion of you, for years into the future. I know this from my own personal experience
having acted as Probate Administrator in my father’s estate, and as the Trustee in my
mother’ estate. If you have recently been appointed as a personal
representative to a Probate or, as a Trustee to administer an estate, you will be presented
with challenges in the coming months that you never imagined. Let me share with you a story about a very
difficult I challenge I personally had to negotiate while acting as a Trustee administrating
my mother’s estate. To complete the distributions to my siblings,
who were beneficiaries, I needed to sell an income property that her estate partially
owned. The tenant had provided me with the required
written notice of their intention to exercise the option to purchase, and my siblings and
I were anxious to complete that sale and make the final distributions of the estate. I had a willing buyer, who was the tenant
in the property, but his business partner objected to the terms. The negotiations to settle with his unhappy
partner took almost three months, during which time the bank withdrew its offer to fund the
loan. Meanwhile, my younger sister, who had anticipating
that the sale would be completed, and that she would receive a cash distribution, had
gone under contract to buy a home in the city where she lived. She had placed a large non-refundable deposit
on the home and had days to close her acquisition or she would forfeit her large deposit. As you can imagine, this created a lot of
stress on me to perform and meet everyone’s expectations. Despite years of experience as a court appointed
receiver administrator, and years of experience with all facets of probate, I found myself
in a defining moment in my life. I knew that how I handled this situation would
define my relationship with my siblings for the rest of my life. Fortunately, following the integrity advice
of Zig Ziglar, I met the challenge head on and I did the right thing for my siblings. I managed to salvage the sale of the trust
owned property, I found a bridge loan for my sister, so she did not have to forfeit
her deposit and lose the home she and her husband wanted, and I made it possible for
the tenant to get new preferred loan terms from their lender. It was the best solution for everyone, even
though I personally had to give up a lot financially to make it happen. But I absolutely don’t regret the decisions
I made at my own expense because I kept my relationship with my siblings in good standing. And that’s the same advice I would give
anyone who is a trustee or an administrator to an estate: Do the right thing! Benefiting yourself at the expense of others
is a recipe for broken relationships and poor reputations. In the long run, the potential financial gains
are never worth the lifelong costs of bitter hurt feelings, and family rifts that can sometimes
last for generations. My name is Dan Collins, I act as a “fiduciary
broker” in probates and trusts that involve real property assets. To learn more, please visit my website: probte-realtor.biz
Thank you for joining me today.

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