They say, “if it ain’t broke, don’t fix it” but when it comes to your trust, how do you gauge the success of its management?
Your trust was created to provide for you today and ensure its success for tomorrow. This means that having the right trustee in place is essential. At minimum, your distributions and taxes should be paid on time, and someone should be available to discuss your payments. Statements should be provided regularly, and an annual review scheduled to talk with your trustee so you know exactly what’s going on with your trust. If any of those things are not happening, it is a big warning sign that you may need a new trustee.
If you don’t have an investment advisor that you respect and trust, call us — we can refer some of the best in the country. Expect your trust assets to perform, similar to the way you expect your favorite sports team to come up with a win. Be sure that you are a part of the process too. You share the same goal: the successful management of your trust. If it seems too complicated, that’s why we are here. We can help deconstruct the intimidating complexities into things that make sense. When engaging a new trustee, expect change. The reality is that alignment is everything. If your trust gives you an entitlement and your trustee says no, there is a problem and you have every right to make a change. It’s all about trusting the people who prove you can trust them and not trusting people until they prove they are trustworthy.
If you aren’t pleased with your trust, search for a trustee that produces the outcome that is best for you. While hiring the best support is essential, you and your family are the ones who have to live with the outcome and it is your responsibility to do everything in your power to ensure the success of your trust which is to help those you love.