Today’s guest on the Mitlin Money Mindset™ is Tara Faquir, co-founder, and COO of Trustate. Tara has spent the past decade working at a variety of companies from Fortune 500’s to billion-dollar startups. She brings to Trustate, a deep understanding of sales, operations, and team management, along with a passion for learning and entrepreneurship.
Losing a loved one is overwhelming and Trustate was founded to help navigate these challenging times by providing comprehensive, transparent, and affordable estate administration services. Tara is driven by Trustate’s mission as she has personally experienced two estate administrations within a 12 month period. She says the stress and anxiety of settling an estate is felt by the entire family and it’s the reason Trustate was founded. To help people administer estates quickly, efficiently, and correctly.
Listen in and hear Tara’s journey to founding a company that will help countless people and how her own personal experiences helped her see and uncover the need.
You will want to hear this episode if you are interested in…
- Tara’s path to co-founding Trustate [2:50]
- What is Trustate? [4:19]
- Working in conjunction with the financial and legal team [6:58]
- How Trustate helps clients [14:15]
- Complications that Tara sees [17:10]
- Estate planning vs estate prepping [19:36]
- What size estate is Trustate best suited to assist? [23:59]
- Launching a company during a pandemic [28:14]
- What Tara did today that put her in the right mindset for success? [32:01]
Where did Trustate come from and how can they serve you?
Trustate was founded because Tara’s business partner, a former trust and estates attorney, realized that there was just a lot of inefficiency in the estate administration process. Tara personally administered two estates and also found that as a layperson, it’s hard to administer a loved one’s estate. They realized that there needed to be something out there for people and that’s how Trustate was born.
Most of what needs to be done in estate administration are strictly administrative. It’s not legal work. That’s why they have been able to build a company that focuses on that estate executor and doing all those administrative tasks for them. Tasks like asset and expense guidance, record keeping, mail management, the closing of accounts, all of the things that go with property sales, and beneficiary communications Trustate settles it all for you.
Trustate in conjunction with your existing team of professionals
Trustate works with a client’s most trusted advisors. Most of the time that ends up being the wealth manager, but they also work with lawyers or accountants. Reason being, when a loved one passes away, you notify immediate family, but then you probably call a lawyer or that person’s wealth manager. Tara’s company will work with those trusted advisors to learn more about that family.
This doesn’t mean you necessarily need a lawyer. Tara says in 90% of their administrations they don’t need a lawyer at all. The great thing about Trustate is that when you do need to work with a lawyer, they’re able to keep it to just the legal work so the client is using Trustate for the administrative tasks and a lawyer where actual legal work is needed and that’s how they keep costs down.
Launching a company in the midsts of a pandemic
One of the things that Tara couldn’t have possibly planned for when they were launching this company was the pandemic. They were in planning well beforehand but they were concerned about launching in the middle of it because they didn’t want to be in a situation where they were perceived as ambulance chasers in any way. That’s not why they built Trustate. They built it to truly help people.
It just so happened that the death rate and people passing was constant and it was something that you were hearing about all the time. Tara feels that opportunities did come out of that the main thing being that people took to technology. Even generations that hadn’t before. Because Trustate is a remote business that services the nation, to have people who are now comfortable with technology, be able to just hop on Zoom and communicate with them and connect with them, that’s been really powerful.
Connect with Tara Faquir
Tara Faquir is Co-Founder and COO of Trustate. Tara earned her B.S. in economics from the University of Miami and her M.B.A. from Fox School of Business at Temple University. Tara has spent the past decade working at a variety of companies from Fortune 500’s to Billion-dollar start-ups and with her, she brings to Trustate a deep understanding of sales, operations, and team management along with a passion for learning and entrepreneurship. Tara is driven by Trustate’s mission as having personally experienced two estate administrations within a 12-month period. “The stress and anxiety of settling an estate is felt by an entire family, and is the reason Trustate was founded: to help people administer estates quickly, efficiently, and correctly.”
Tara, a Massachusetts native, and New England Patriots superfan, resides in Pennsylvania with her husband and two dogs.
What is currently playing on your Phone: Country music!
What is your top vacation destination: Lake Como, Italy
What is your hometown: Bradford, MA
What is your favorite food: Pizza, always Pizza
Guests on the Mitlin Money Mindset Show are not affiliated with CWM, LLC, and opinions expressed herein may not be representative of CWM, LLC. CWM, LLC is not responsible for the guest’s content linked on this site.
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