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.
A trust is a not a document or a receptacle. It is a relationship, aimed at benefiting someone's life. Why, then, do 80 percent of trust beneficiaries view their trusts as burdens and not blessings? The authors believe that lack of attention to the human realities of trusts is to blame. Family Trusts challenges the disappointing status quo with new recommendations for building trusts that preserve the hopes of their creators and support the dreams of their beneficiaries.
Most trusts are formed to save taxes, protect against creditors, and exert control over property. As important as these largely quantitative goals are, they ignore and often impede trusts' qualitative possibilities. This revolutionary guide lays out sound practices for trustees, trust protectors, and trust creators to develop flourishing beneficiaries. It shows trustees how to manage their fiduciary risks by taking concrete steps to get to know beneficiaries and address their concerns. It also opens the eyes of beneficiaries and trust creators to the higher purpose that trusts can achieve, where dynamic distributions promote beneficiary growth and independence rather than perpetuate a "trust-fund baby" distribution-dependency. Whether your trust is already established or you're planning to create trusts, this deeply practical guide shows you how to:
- Communicate clearly and effectively with beneficiaries at various stages of their development and at various stages in the trust's own life
- Make prudent distributions to promote beneficiaries' growth
- Thoughtfully prepare for the creation of new trusts or the termination of old ones
- Restructure the roles of trustee and trust protector to manage risk and reduce the likelihood of conflict
- Wherever you are in the trustscape, you can have a more rewarding experience with Family Trusts.
