Choosing the Right Trustee to Enable Your Charitable Intentions
When someone passes away it’s common to see tension between family beneficiaries and charitable ones. It is normal and understandable for family members to resent civic charities that receive some benefit from the affairs of decedent at the expense of the family.
The most important thing to remember while planning your final affairs is: It is your money, you earned it and saved it and it’s your wishes that matter. When considering making end of life gifts to the Library Foundation, the success of a trust plan depends crucially upon the choice of Trustee. Family members may not be the best choice to ensure what you want to happen actually happens. Naming a professional Trustee can help with the following:
- asset management for short term distribution and long term continuing trusts;
- making the most efficient division of assets for the Library Foundation and for family beneficiaries. Not all assets are the same;
- wise income tax planning;
- clear and above board accounting and reporting to all beneficiaries; and
- fulfillment of your wealth management plan.
Selecting a professional, corporate trustee means:
- Absolute devotion to implementing your plan. Professional trustees are bound by law to ensure your plan is executed exactly as you want;
- Handling tax and distribution matters impassively and promptly when the trauma of death and grief may hinder the decision-making of individuals;
- Impartiality and complete fairness among all parties - family or charitable. A corporate trustee may be more easily able to persuade all family members that decisions are free of bias, fair to all concerned and truly are what you wanted to happen.
Provided in partnership with The Trust team at CoreFirst Bank & Trust.
