Create a trust that reflects your vision, safeguards your legacy, and ensures a smooth and efficient distribution of your assets.
One of the most attractive features of a trust is that it allows you to structure your estate plan to ensure your assets are distributed according to your wishes.
I am not a trust attorney, but as a professional trustee who has settled hundreds of trusts over more than two decades, I have seen how estate plans can lead to costly and complicated trust administrations and litigation between family members when the grantors try to control too much from the grave.Appointing one child as the successor trustee of a trust to distribute funds to another child can create a situation that is unfair to both children and often leads them to probate court.
Parents often believe that leaving a foundation or business for their children to run will help keep them close by providing a shared sense of purpose. They may also think that leaving a business will provide their kids with financial security and protect them from the uncertainty of working for someone else.
The heirs who take on leadership roles may become bullies or experience significant pressure and resentment, leading to burnout and health problems. It was sad to see how much the grandchildren hated those dinners, how unhealthy competition was created between the cousins, and how these young adults had to pay for expensive apartments, clothing, and cars to meet the grandmother’s post-mortem expectations.
Your attorney should be able to provide alternatives to one sibling being the trustee for another sibling, including using annuities and other financial/gift planning vehicles or hiring a trust protector.
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