Monday, November 4, 2013

Trustee Guidance

Sam and Amy have been planning for the possibility that someone else could need to raise their children after their deaths.  They’ve decided to give their trustee, Sam’s sister Tina, wide flexibility to decide how to spend the funds that will go into a trust for their children.

 However, they want to give her as much guidance as they can to help her make any necessary decisions.  We often suggest that parents write a letter, which is not a formal part of the trust or their wills, to give the trustee guidance. 

In it, they can be extremely detailed or talk in broad generalities.  Sam and Amy’s wish that their children be given the opportunity (and even some pressure) to get a college degree is an obvious thing to be included. 

Special directions for Tina is that Sam and Amy feel it is appropriate to spend the trust money to fly their children out to see Amy’s parents at least twice a year, or to fly Amy’s parents in for visits or special occasions, as well. 

Of course, over the years, the specific kinds of things Sam and Amy are concerned about for their children will change.  It is easy to write a new letter and throw the old one away.

We advise our client to keep the letter in their safe deposit box or other secure place where they keep their original estate planning documents.  That way it should be found if ever needed.

 For advice about structuring a trust to carry out your wishes for your children, call our office at (815) 436-1996 for an estate planning appointment.  © 2013 Gruber Law Office, Ltd.


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