Family trusts : a guide for beneficiaries, trustees, trust protectors, and trust creators

Author

Additional Author(s)

• Hughes, James E.
• Whitaker, Keith
• Goldstone, Hartley

Publisher

Hoboken, New Jersey: John Wiley & Sons Ltd, 2016

Language

English

ISBN

9781119118312

Series

Subject(s)

• FAMILY TRUSTS--TAXATION
• FINANCE, PERSONAL

Notes

. .

Abstract

An insightful and practical guide to family trusts
Family Trusts is a step-by-step guide for anyone involved in family trusts: trust creators, trustees, beneficiaries, and advisors. It will help families create and administer a culture that recognizes trusts as a gift of love.
Marrying the practical and emotional aspects of family wealth, this book provides a hands-on primer that focuses on fostering positive relationships, and structuring the trust appropriately for the situation and the people involved. It tackles difficult topics with frank and honest discussion, from the first beneficiary meeting to working with addictions, and more. Written by a team of experts in family wealth, this information is becoming increasingly crucial to the successful execution of a trust; you'll learn what type of person makes the best trustee, how to be an excellent beneficiary, and the technical aspects that help you build a better trust from the very beginning.
There's been a staggering increase in trustee/beneficiary litigation and hostility, but that doesn't mean it's inevitable. Plenty of trusts are running smoothly, with positive experiences on all sides. This book shows you how to set up your trust to succeed from the start, with step-by-step guidance and expert insight.
• Express clear and thoughtful intent for the trust
• Create a healthy and supportive culture
• Select the right trustee, trust protector, and trust advisor
• Take the time to prepare before initially meeting the beneficiary
• Conduct a productive first meeting to set a tone for the relationship
Historically, there has been little consideration given to the culture of trusts, and this oversight may be a key driver of the behavior that's becoming more prevalent. Family Trusts explores the nature of these relationships, and shows you how to build a trust that retains the nature and spirit with which it was intended.

Physical Dimension

Number of Page(s)

1 online resource (xxx, 284 p.)

Dimension

-

Other Desc.

-

Summary / Review / Table of Content

Part one: Introducing the trustscape --
Navigation works better when you have a destination in mind --
The trustscape --
Some key terms --
Know your narratives --
Part two: The players --
The trust --
The trustee --
Beneficiaries and trust creators --
The trust protector and the trust adviser --
Part three: Building great relationships --
Considerations prior to accepting appointment as trustee --
Creating preambles --
Action steps prior to the first trustee-beneficiary meeting --
Positive events, supportive responses --
Trustee-beneficiary meetings --
Requests for distribution --
Working with addictions --
Trusts and marriage --
Transitions --
Part four: A comprehensive model for a humane trustscape --
A promise and a challenge for trust creators --
The highest duty of the trustee and the corresponding responsibility of the beneficiary --
The distribution committee and the office of the beneficiary --
The trustee and the trust protector revisited --
Appendix 1. Sample legacy letter --
Appendix 2. Sample language regarding addiction --
Appendix 3. The distribution committee --
Appendix 4. Private trust companies --
Appendix 5. Family trust review --
Appendix 6. Reflections on the often unexpected consequences of the creation of a perpetual trust.

Exemplar(s)

#	Accession No.	Call Number	Location	Status
1.	00449/19	332.024016	Online !	Available