Probate Fiducaries

[Andrew Christie]

Hello fellow BPers!

I'm trying to get things going with probates and it's been a slow start. It's not necessarily the easiest thing to figure out. Anyway, when I go to one of my local courthouses, they can give me a summary report for probates that have been filed for whatever date range I choose. This report lists the case number, decedent, fiduciary, the value of property, and value of real estate.

I've noticed that a good number of fiduciaries (which I understand is synonymous with executor) are attorneys. For those of you working probates, do you weed the attorneys out?

Thanks!

[Rick H.]

@Andrew Christie - you've got it right. In the probate world, a fiduciary is generally anyone who is deemed to be in charge of an estate or trust, including executor, administrator, conservator, guardian, trustee or successor trustee.

In my state, CA, there is also a category of licensed private professional fiduciaries, who are hired as third parties to perform any of the above duties.

Another term, personal representative, may be used and depending on the local legal jurisdiction may denote a specific fiduciary duty or otherwise be used as a generic term referring to anyone who has a role as the fiduciary (person in charge) of an estate or trust.

The marketing question is: 'who do you mail to?'

The person in charge (fiduciary) presumably has the power to sell or transact on behalf of the estate or trust. As @Dev Horn suggests, this is your key mailing target.

I know plenty if people who mail to heirs/beneficiaries however these people are NOT in charge. They may be able to influence the fiduciary to sell to you or upon certain terms. As to buying their beneficial interests, it's a black box, pig-in-a-poke situation as you really don't know what their equity in the estate or trust is most of the time. Consequently, any assignment of their beneficial interest to you is fraught with risk and is not insurable by any title company. Only buying from the fiduciary is an insurable transaction.

Lastly, as for mailing to attorneys, your letter with most likely end up in the circular file along with other trash.