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34 September 2025 NHTownCrier.com

“The trustee and investment advisor will create a plan Officer - Financial Advisor in New Hartford, NY at
that is based on the terms of the trust and considers the (315) 723-7386
needs of the beneficiary,” Esparza says. “A best practice Investment and Insurance Products are: • Not Insured
is for beneficiaries to seek the guidance of a tax advisor by the FDIC or Any Federal Government Agency • Not
regarding tax implications related to trust distribution.” a Deposit or Other Obligation of, or Guaranteed by,
2. Understand the terms of the trust. the Bank or Any Bank Affiliate • Subject to Investment
One of the first questions a beneficiary might have is, Risks, Including Possible Loss of the Principal Amount
“What benefits do I have under the trust?” Beneficiaries Invested
are well served to seek independent counsel for Brokerage services are offered through Wells Fargo
questions regarding interpretation of their interest Advisors. Wells Fargo Advisors is a trade name used by
under the trust. Wells Fargo Clearing Services, LLC, Member SIPC, a
Esparza explains that a trust can be a useful tool registered broker-dealer and non-bank affiliate of Wells
for holding, managing, and distributing property as Fargo & Company.
Christopher J. Carbone
outlined by the trustor(s) — the creator(s) of the trust ©2022 – 2025 Wells Fargo Clearing Services, LLC. All
Consider These Three — in the trust agreement, but each trust is unique in rights reserved. 0122-05107 PM-07062026-7425974.1.9

Suggestions if you Inherit a how assets can be distributed to beneficiaries. Some
common areas of discussion include:
Trust Beneficiary or beneficiaries: Is there a sole beneficiary

David “Chico” Esparza, senior fiduciary strategist or several beneficiaries of the trust? How do the terms
with Wells Fargo Wealth & Investment Management, address the rights different beneficiaries have to
remembers meeting two clients, a brother and sister distributions from the trust?
whose parents had passed away. “Unfortunately, their Age restrictions: Does the beneficiary have to reach
parents had not discussed their estate plans with the a certain age before accessing some or all of the trust?
adult children. When the siblings learned they were the Distribution restrictions: Can beneficiaries access the
beneficiaries of a sizable trust,” Esparza recalls, “they principal or just the income from the trust? Does the
had no idea what to do next.” beneficiary need to provide the trustee with proof of
The brother and sister had many questions. Who the beneficiary’s own income and expenses to receive
handles the estate? What are the terms of the trust? distributions? What categories of expenses can the
And what should their next steps be? “The bank was trust cover for the beneficiary? (Typically, trusts with
appointed as successor trustee, so we explained the discretionary provisions have ascertainable standards
timeline and process for settling the trust estate,” that can cover health, education, maintenance, and
Esparza says. “It helped to ease their minds to know support.) Can distributions be adjusted for inflation?
that professionals would be handling the numerous Lifetime of the trust: Does the trust terminate once
tasks required for an orderly estate settlement.” the beneficiary reaches a certain age, or is it meant to
As Esparza’s clients found, stepping into the role last the beneficiary’s lifetime? Is any portion of the trust
of beneficiary can feel a bit like stepping into the designated for future generations?
unknown. Here, Esparza offers three suggestions for “Trusts present an opportunity to preserve, accumulate, Free Voice Recital - Aug 31st
those in similar situations. and transition generational wealth,” Esparza says. “For
1. Build an advisory team. that reason, the trustee should be prudent and equitable The public is invited to a free voice recital by soprano
A good first step for the beneficiary is to meet with the in administrating the trust, giving consideration to the Mariah Taylor on Sunday, August 31 at Rome Art and
trustee who is tasked with executing the terms of the current needs of the beneficiary as well as the long- Community Center, 308 W. Bloomfield St., Rome.
trust. It may be an individual, such as a CPA or lawyer, term goals and objectives of the trust.” Ms Taylor graduated this past May with a bachelor’s
family member, or potentially a corporate trustee such 3. Ask questions before taking distributions. degree from SUNY Geneseo, where she majored in
as Wells Fargo Bank. “Before taking a trust distribution, some beneficiaries math and music. She is a Rome native and member
“There will be a lot of questions, so it’s important to find it useful to inquire about the potential tax of the RFA class of 2021. Mariah Taylor recently
establish a communication plan and outline tasks that consequences. That’s where a tax advisor should returned from a five-week intensive opera program
need to be accomplished along with a general timeline provide guidance,” Esparza says. “Beneficiaries also in Villefranche De Rouergue, France, where she sang
for how long it will take to settle the estate,” Esparza may consider consulting with the trustee and the rest of and acted in the opera Carmen by Georges Bizet, and
says. their advisory team about additional considerations or performed in local recitals and concerts.
In some instances, once the estate is settled, a new impacts a trust distribution may have on the investment She noted, “my experience in France solidified my
trust is funded with the beneficiary’s share of the estate; plan.” In addition, beneficiaries should consult with love for opera music and my intent to pursue music
in other cases, assets will be distributed outright to the their own legal counsel if they have specific questions professionally. I’m so excited to continue this journey
beneficiary. If the assets will be retained in trust, the regarding their rights with respect to a trust. and especially to share my upcoming performance, as I
trustee collaborates with an investment advisor to help Esparza shares the story of a young beneficiary who plan the next steps in my singing career!”
manage the assets according to the terms of the trust. wanted to use her trust fund to purchase a luxury car Mariah Taylor’s opera recital begins at 5:00 PM and
when she turned 16. “I posed this question: ‘Would a includes a variety of selections including those of
less-expensive car meet your transportation goals and Italian, French, German and American composers. Mi
help preserve trust assets for the long term?’” he says. Sueno, Encantadoro Maria, and La Calle de la Paloma
“It is important for beneficiaries to stay connected by Edward Kilenyi; Faure’s Notre Amour and Icibas;
with the trustee and to ask clarifying questions so they and Barber’s St. Ita’s Vision, The Crucifixion, and The
understand the goals and objectives established by the Monk and His Cat are all scheduled for the program. In
grantor.” addition, music of composers Friedrich Ruckert, Clara
Wells Fargo Wealth & Investment Management Schumann, and Fernando Obradors will be performed,
(WIM) provides financial products and services as well as songs from Leonard Bernstein’s West Side
through various bank and brokerage affiliates of Wells Story. Ms Taylor will be assisted on the concert by
Fargo & Company. collaborative pianist Greg Unangst.
Trust Services are available through Wells Fargo Admission is free, but donations will be gratefully
Bank, N.A. and Wells Fargo Delaware Trust Company, accepted at the door, which benefit the artist.
N.A. Complimentary light refreshments will be offered at
Any estate plan should be reviewed by an attorney intermission.
who specializes in estate planning and is licensed to For more information, contact Rome Art and
practice law in your state. Community Center at 315-336-1040.
Wells Fargo & Company and its affiliates do not
provide tax or legal advice. This communication cannot
be relied upon to avoid tax penalties. Please consult
your tax and legal advisors to determine how this
information may apply to your own situation. Whether
any planned tax result is realized by you depends on
the specific facts of your own situation at the time your
tax return is filed.
This article was written by/for Wells Fargo Advisors
and provided courtesy of Christopher J. Carbone, CFP®, September 22-24
AWMA®, LUTCF® First Vice President - Investment