Why Is an Independent, Professional Trustee a Good Idea, and Why Should You Avoid Volunteer or Family Trustees?
A well‑chosen trustee brings competence, steadiness, and harmony to a family’s long‑term plan. If you read “What Does a Trustee of a Trust Do, Anyway?,” then you know the role of trustee carries significant responsibilities. Even with the best intentions,…
Choose a Trustee with These Three Characteristics
If it’s time to choose a trustee, carefully consider these three characteristics: their reputation, empathy, and procedural approach. Transitioning from a long-standing relationship with an advisor, teacher, coach, doctor, lawyer, CPA, trustee, or financial advisor - whether due to retirement...
How are Directed Trusts Used in Estate Planning?
Directed trusts have emerged since 1986 as an important and yet arguably underutilized estate planning and trust administration tool, offering unique advantages in terms of trustee liability, cost efficiency, and potential tax savings. By implementing directed trusts, savvy families and...
Trustee Responsibilities: 6 Common Challenges for Trustees
As a trustee, you hold a position of significant responsibility. Your role involves managing trust assets and making decisions that directly impact the beneficiaries. However, this role is not without its challenges and potential pitfalls. Missteps can lead to legal...