Trusts and the trustees who are responsible for them are the cornerstones of many families’ long-term estate planning. And yet, most families struggle with who should serve as trustee and successor trustee once they pass away.
Our experience tells us the problem is pretty simple. Those willing to be trustees are not able. And those able to be trustees are not willing.
Why? There is enormous risk involved in serving personally as a trustee. Often, those who would otherwise be ideal candidates to be a trustee are smart enough not to be trustees.
This is what we hear from our clients:
My friends are my age. Often, clients’ best friends and closest advisors are just as old as they are. Not the ideal situation when looking for someone to take care of your family once you’re gone.
My brother is an idiot. Just because someone is family, doesn’t make them a qualified trustee.
A big corporate trustee or bank? No, thank you. Most families don’t want some trust officer at a massive conglomerate involved in their family’s affairs. Families don’t want to be a cog in the machine.
We have found that a growing number of families can be best served by forming their own, private trust company. A trust company that exclusively helps their family. We expect this trend to continue and are investing to ensure our clients reap the benefits. Join us.