Page 38 - Ultimate Guide to Estate Planning
P. 38
On the other hand, let’s say that the child
appointed to serve as trustee does charge for
the time that they have expended. How are the
other heirs going to react to the appointed child
receiving more from the estate? Will
resentment between siblings be initiated
because your estate plan is paying one child
over another?
What if the child selected as trustee thinks one
of your children is addicted to gambling,
alcohol, drugs or believes that one of your
intended heirs is about to be divorced? How will
the inheriting child react to the refusal to
distribute the inheritance based upon these
concerns. It's remarkable how many times we
see one of the children supervising
distributions of funds intended for the other
children. It’s hard to believe that family
harmony will be encouraged or unity enhanced
by having one child be in a position of saying
yes or no to a sibling with respect to that
sibling’s inheritance. Maybe your children are
different but consider whether you love them
enough to not take the unnecessary risk.
Consider appointing a non-inheriting person or
even a private trust company to serve as your
trustee.
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