This presentation will focus on what a Fiduciary should consider when taking on an Estate which has no cash and the only asset is a real property in distress due to an impending foreclosure, no insurance, citations from the city/county, hoarding, non-paying tenants, etc. The presentation will lean into options to delay or avoid foreclosure including recent laws allowing for postponement of foreclosure sales, obtaining Court assistance to stop the foreclosure, as well as the options to obtain private loans. Commission Heisler will discuss how the Court’s view their involvement to delay foreclosures. Further, the presentation will address when/if the fiduciary has a duty to explore private money loans to ensure the real property is adequately insured and maintained notwithstanding situations where no foreclosures is looming.
E2 – From Liability to Liquidation: Fiduciary Responsibilities in Cash Poor Estates
Speakers
Aaron Heisler
Orange County Superior Court
Teresa Gorman
Fiduciary Real Estate Services
https://fiduciaryrealestateservices.com/
Teresa Gorman is licensed as a Trust & Estate Specialist attorney by the State Bar of California. Teresa is also a Real Estate Broker. Teresa is an adjunct professor at UC Riverside teaching Trust Administration.
Teresa was the founding attorney of a boutique law firm representing Private Professional Fiduciaries for almost 20 years. Teresa’s law practice included extensive trial work in the area of Trust & Estate litigation, trust administration, conservatorships, estate planning and probates. Teresa represented Private Professional Fiduciaries in complicated cases. Teresa was regularly appointed by the Court to serve as court-appointed counsel and Guardian ad Litem.
In 2018 Teresa sold her law practice and joined Fiduciary Real Estate Services. Teresa brings an experienced legal eye to the real estate transaction protecting the fiduciary client from potential claims from buyers, tenants and beneficiaries in Trust & Estate real property transactions.