How do I Make Sure My Trustee carries out my Wishes?

Have you considered drafting a trust but you are unsure how your wishes will be carried out. Several opportunities can assist you in making sure that your wishes are honored on your death.

First you get to choose the persons that will follow your instructions. Therefore, unlike a professional trustee appointment, you can appoint any competent adult to aid you. Additionally, a well-drafted trust will set forth the important matters you want to be taken care of. As an example, you can use of the word “shall” in your trust to insist that an instruction be carried out. “The Trustee shall pay to a beneficiary the amount of ___.” This language mandates the trustee to pay that amount and if the beneficiary does not see this payment, the beneficiary has legal rights to enforce the payment.

You can also leave great discretion with the trustee. As an example if you stated in your trust “The Trustee may, in their sole discretion, pay an amount of money per year that the Trustee determines to be sufficient for the care and welfare or Trustor’s child.”

You can also appoint two Trustees to jointly decide matters. Consider this example: You and your wife have an only child and want to make sure that the child is cared for in the event of both of your deaths. You want the child to live with Uncle Bob and Aunt Mary, but while they are good a decent people, they are not financially very careful. You can have Uncle Bob act as Trustee along with another person you appoint who you believe is financially more astute. Both must agree to make or use the trust, which can stop abuse or use of the funds in trust for trivial things you do not want to occur.

We developed this theme in many trusts where the child needs to be in a loving home, but the parents worry about the fiscal capability of the couple taking the child. Call us if you would like to discuss a trust at 1 888 752-7474 or Contact Us online.