Need Help Choosing a Successor Trustee?
We Can Help
Every trust must have a trustee, the person or entity who is in charge of managing the trust according to the terms of the trust. For the typical “living trust,” the initial trustee is usually the person or couple who created the trust. When that initial trustee cannot serve anymore (usually due to disability or death), the person(s) or entities named in the trust itself as the “successor trustee(s)” manages the trust. The successor trustees are most often adult children, siblings, friends, or professionals. Often, one or more of the “remainder” beneficiaries (e.g., those who benefit from the trust when the grantors are gone) can also serve as successor trustees. In some circumstances, certain beneficiaries might not be the best choice to serve as trustee. For example, if your assets and affairs are particularly complex, it might put an unnecessary burden on the family member to deal with your affairs themselves. In other cases, one or more of the beneficiaries might need protection from themselves, outside forces, greedy spouses, lurking creditors, etc. All too often, the “human dynamics” between different beneficiaries might make it very difficult for any one beneficiary to be the manager of the other beneficiaries’ interests. Making beneficiaries serve together as co-trustees is possible but can be very problematic, especially if they might quarrel or squabble.
In these cases, a professional or corporate trustee might be the best answer. Professional trustees are appropriate when a finite time remains to manage the trust as there is no inherent continuity of professionals with individuals or small firms. When the trust management may take longer, such as for the lifetime of a beneficiary (very common in modern asset protection trusts), it might be more appropriate to use a corporate trustee, like a bank, which can hire, train, and manage new employees to serve as trustees into the future. Also, the federal charter requires them to make provisions for continued trusteeship for all current clients if they stop doing business. There are few alternatives to bank trust departments when it comes to long-term trusts, but when you need a professional to take care of your trust for a finite amount of time, you have a few choices. There are a few reliable private fiduciaries in business now, and our law firm, Phillips and Blow, is now willing to act as successor trustee on your behalf when appropriate. We and other professionals can be an alternative to bank trust departments for short-term situations. Give Phillips & Blow, PC a call today if you want to explore this option.
Trivia
Minty Carrot Top Pesto
Which president was involved in roughly 300 wrestling matches and only lost once? He was inducted in to the Wrestling Hall of Fame with the honor of “Outstanding American.”
Pesto may sound like a fancy ingredient on restaurant menus, but you can make it at home in minutes! This vegan recipe is a great way to use spare carrots tops, and it tastes delicious as a pasta sauce (thinned with water) or a cracker spread.
Inspired by YupItsVegan.com
INGREDIENTS:
• • • •
1 large bunch carrot tops 1 clove garlic, chopped
• • •
2 tbsp red wine vinegar Salt and pepper to taste
Submit your answers to Email@JRPhillipsLaw.com.
1/4 cup fresh mint 4 chives, chopped
3 tbsp olive oil
Correct answers will be entered into a drawing on Sept. 30 for an Amazon gift card.
DIRECTIONS:
1. To blanch the carrot tops, bring a pot of salted water to a boil. Meanwhile, prepare a large bowl of ice water. Remove the stems from the carrot tops and add the greens to the water. Boil for 3 minutes, then drain the water and dunk the tops in ice water. When they’re cool, wring out the extra liquid. 2. Use a food processor to blend the carrot tops and all other ingredients except olive oil. Add 1 tbsp of olive oil at a time to the food processor and blend until the pesto is smooth. Taste and serve!
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