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love in lights

Valentine’s Day is coming up quick and while I think the commercialized messages of “this is love” can get a little cheesy, I’m a full supporter of a day that celebrates love. Be it love for your spouse, a celebration of the fact that you are awesome, or showing even more adoration for you furry best friend, the world could always use a little more love. In this important addition to the #PlanningForLove series, let’s talk about ways you can show love to your children through you estate plan.

I’ve discussed the importance of guardianship quite a bit on this blog. It’s important that anyone with minor children establish guardianship so that if something were to happen to you as a legal guardian that your minor children (under age 18) would be immediately placed in the care of someone you know, trust, and most importantly, choose. Just as establishing guardianship is a powerful gift that your children will hopefully never have to actually know about or experience, a testamentary trust can also continue to provide and support your children if something were to happen to you.

There are an almost endless number of different kind of trusts and you can put just about any asset in a trust. Testamentary trusts are one of the most common kind of trusts I establish for my clients. You may recognize the first word of the type of trust from “last will and testament.” Indeed, a testamentary trust is a trust written into your will and provides for the distribution of a portion or all of your estate.

Sounds simple enough, but you’re thinking, “What does this have to do with my kids?”

Different from an inter vivos trust, which is established during the settlor‘s lifetime, the testamentary trust kicks in at the completion of the probate process after the death of the person who has created it for the benefit of their beneficiaries.

Typically testamentary trusts are created for minor children or others (such as a relative with some kinds of disabilities) who may inherit a large amount of money if you (the testator) were to pass away. The general thinking is that you may not want a minor child, or even a young adult, to have uninhibited access to their inheritance until a certain age (and presumed level of maturity) is reached. (I can imagine what I would have done with an inheritance at, say, age 18 and it surely wouldn’t have been the smartest use of money!) The testamentary trust then terminates at whatever age you choose, at which point your beneficiaries receive their inheritances outright and can use the funds in any way they choose.

 

child with red heart

The testator can choose distribution to be distributed in percentages such as 25% at age 18, 25% at age 22, and the remaining 50% at age 25. Or, the trust funds may be distributed in full at a single age. (All at age 25 is the default if the testator doesn’t choose otherwise.) Distributions can also be made immediately upon your passing if all beneficiaries are legal adults (age 18 or older). The testamentary trust could also be set-up for disbursements around milestones, such as a percentage or full disbursement when the beneficiary graduates from an accredited two- or four-year college institution.

Testamentary Trustee

With a testamentary trust you also need to designate a trustee. The trustee is responsible for managing the trust property according to the rules outlined in the trust document, and must do so in the best interests of the beneficiary (for example, a minor child). Generally I advise the appointed guardian also be the trustee of a child’s testamentary trust.

Testamentary Trust Options

In my Estate Plan Questionnaire I offer clients three main options for testamentary trust organization. (Note that there can be more than one testamentary trust created in one will.)

  • Option 1: Separate trust fund for each beneficiary. Each beneficiary’s inheritance to be held by the trustee in a separate fund. Whatever is left in each beneficiary’s trust fund, if anything, will be distributed to that beneficiary when they attain the age(s) indicated in the following section. This option ensures that all of your beneficiaries are treated equally, regardless of needs.
  • Option 2: Single trust fund for multiple beneficiaries. The entire inheritance will be held by the trustee in a single trust fund for the benefit of multiple beneficiaries (such as multiple children). The trustee may make unequal distributions during the term of the trust if a beneficiary needs additional assistance. Whatever is left in the trust, if anything, will be distributed equally when your youngest beneficiary attains the age(s) indicated in the following section. This option will allow the trustee to accommodate a particular beneficiary’s needs by distributing more of the inheritance to that beneficiary during the term of the trust. (Recommended with younger beneficiaries.)
  • Option 3: No delayed distribution. Beneficiary’s inheritance may be made directly to the beneficiary or a court-appointed conservator if beneficiary is a minor/incapacitated. Funds will be distributed directly to the beneficiary at the age of 18.

 

Mom and daughter hugging

The important takeaway from all of this is that a testamentary trust can be entirely personalized to fit your wishes. For example, most folks want the testamentary trust written in such a way that their beneficiaries may have access to funds to pay for higher education costs like tuition, room and board, books, and fees, on top of the necessary funds needed for an adequate standard of care, protection, support, and maintenance of the beneficiary.

Estate Plan Revisions & Updates

If you already have an estate plan review it. Estate plans never expire, but major life events or a change in estate planning goals can necessitate changes. For example, if your family welcomed a new baby or adopted a child then it’s definitely time for update your estate plan to include them! Maybe something changes in the future with one of your beneficiaries and you want to change distribution percentages or ages? Simply contact your estate planning attorney and let them know your wishes.

A Lasting Love

 

hearts on a string

The love for your children knows no bounds and without a doubt you want to make certain you can still provide for them if something unexpected were to happen to you. There’s no day like today (or Valentine’s Day!) to get your ducks in a row just in case. The best place to begin is with my Estate Plan Questionnaire or by contacting me.

animal care trust dog in lap

This current series leading up to Valentine’s Day is all about love and how that love can translate to estate planning. Thus far we’ve covered the best V-Day gift to give your spouse, advice on where to store your estate plan (and it’s not a chocolate heart box!), and how an affinity for football makes understanding estate planning easy. Romance and gift guides aside, this #PlanningForLove series would be incomplete without featuring the love for your pet.

Let’s be for real for a minute. The relationships we have with our pet(s), be they a dog, cat, amphibian, pocket piglet, parrot, or pony are some of the most comforting and consistent. Who else will lick your face, eat snacks out of your hand, demand belly rubs, or get the most Instagram likes? Our pets are a part of our family and it only makes sense to include them in estate planning documents and decisions concerned with the continued care for our loved ones.

 

cat with flowers

The best way to include your furry and feathered friends in your estate plan is with an animal care trust (sometimes known as a pet trust). This is a special kind of trust different from a living revocable trust or an inter vivos trust. An animal care trust specifically provides for the care of your pet in the event that something were to happen to you. In the trust you’ll likely want include the following information:

  • Sufficiently identify your pets and include a provision that describes your pets as a class through phrasing such as  “the pet(s) owned by me at the time of my death or disability.”
  • Describe your pet’s standard of living, care, and include any regular and special instructions. You can get as specific or general as you want at this point. For example, if your bird only likes a particular brand/type of food, or your dog thrives when she plays catch once a day, this can be specified in a trust agreement. If you want your pet to visit the veterinarian for check-ups three times a year, this can also be written in.
  • Determine the amount of funding that’s needed to adequately cover the expenses for your pet’s care. Generally, this figure can’t exceed what may reasonably be required given your pet’s standard of living.
  • Designate a trustee, caregiver, and remainder beneficiary. Also designate successor trustees and caregivers if for some reason either becomes unable or unwilling to fulfill their role. The remainder beneficiary is who receives the trust assets if trust funding outlives the beneficiary (your pet).
  • Specify how the funding should be distributed to the caregiver from the trust.
  • Provide instructions and wishes for the final disposition of your pet (for example, via burial or cremation).

Check out and feel free to share this infographic with your fellow pet parents. (Click here to download the pdf version.)

 

gordon fischer law firm animal care trust

Valentine’s Day is coming up, so let’s discuss how to show your continued love for your pets even if something were to happen to you. Contact me via email of phone (515-371-6077).

kiss-me-tag-box

Thanks for reading the #GoFisch blog! Now through February 14 I’m sharing how flowers, jewelry, or chocolate are not the only gifts that say, “I love you.” While not explicitly romantic, a personalized, quality estate plan speaks to that lifelong consideration and care be it for your significant other, your children, or even simply yourself. 

Typical Valentine’s Day gifts usually come in the expected packaging—velvet or heart shaped-boxes topped with silky ribbons and complete with a red rose or a sappy card. But, an estate plan is not your typical Valentine’s present and therefore needs some special storage. You’re more than welcome to put a bow on the documents following the signing…finishing your estate plan is something worth celebrating! However, a gift bag won’t do for safely and securely protecting your estate plan.

I give my clients guidance on where to store their original estate plan documents because it should be both be kept private and safe, but should still be practical and accessible by those who need it such as your will’s executor or designated representative for financial matters. So, where specifically should your keep your original estate plan? There are a few different options.

In Your Home or Office

office space with flowers

When you think accessibility, the places you spend the majority of your time, such as your home or office, are going to be obvious choices. Some of my clients who’ve chosen this option even invested in a water- and fire-proof safe. (Of course, if you get a safe, folks who need to access the estate plan, such as a spouse or child, obviously need access to the lock combo!) In any case, put the plan in a spot that’s likely to be protected from flooding or a fire. For example, a dark, dank basement may not be the best place to keep your original estate plan documents. However, in your home office, in your desk’s top locked drawer (assuming others have a key), would be a much better spot.

Caution: No Treasure Hunts

Some people think “hiding” their will is a solution to any security concerns. This however inhibits accessibility! Sure, people may not be able to find your will while you’re living, but that also means your loved ones are unlikely to find it when they need it in the case that you suddenly pass away or are incapacitated and cannot communicate where it is. This is problematic for multiple reasons. First, your wishes cannot formally be known and therefore not fulfilled, and if the document cannot be found, the presumption is you either did not make a plan or you intended to revoke/destroy it. In the case of your death, the court will then act as if you died “intestate,” or without a will. The long probate process will ensue, and after some substantial court fees your estate will pass to your heirs-at-law as determined by state law. (Almost everyone I’ve ever met would have their estate pass according to their terms and not some impersonal law.)

Safety Deposit Box

safety deposit box

I know many folks who keep their important documents like birth certificates and social security cards in their safety deposit box. And when it comes to your original estate plan documents, your safety deposit box is a good option. Except, and this is hugely important, the safety deposit box must be readily accessible by executors, agents, and other fiduciaries. This requires making sure that your bank or credit union has the “right people on file.” Also, don’t assume that just because both you and your spouse have access to the safety deposit box, that is sufficient. What if there’s a joint accident or joint disaster and you’re both incapacitated? Sit down and talk with your bank or credit union to make absolutely certain those who need access to the safety deposit box will definitely have access in case of an emergency. Otherwise, a court order may be required before your financial institution will grant access, which equates to more bureaucratic hold-ups costing time, money, and even worse worse, adding additional stress for loved ones.

 With Your Designated Representative

So far, we’ve been talking about your original estate plan documents (with “wet” signatures). An original is always better than a copy. But a copy is better than nothing.  Consider giving a copy of you estate plan to the executor of your will or successor trustee of your revocable living trust, and other named fiduciaries.

two people drinking tea

The person you designate as your personal representative has the important job of settling your estate and they will need to be armed with your estate plan in order to reference your wishes and provide proof that they are authorized to take certain actions. This option makes a lot of sense considering this representative will have immediate cause to reference the paperwork following your death.

Up in the Cloud

I always recommend you retain a paper copy of your original estate plan, but there are many valid and secure options of also storing your key documents in the digital cloud. Like any financial, health, or other personal information accessible online, make certain you have a strong password and security. And, just like a paper version, at least your executor and other designated representatives will need to be able to access the plan when necessary. Whether that’s through an online beneficiary designation or by allocating the password to your executor or another trusted custodian, that’s up to you.

To recap: an estate plan can make a wonderful Valentine’s Day gift that shows love and commitment to your favorite people. And, since you spent time, effort, and money to create an estate plan that meets your goals, it’s essential to keep it in proper storage. Remember: if no one knows you created a plan or no one has access to it, it’s as if you never had one at all.

Before you can store your estate plan, you NEED an estate plan! Best place to get started is with my Estate Plan Questionnaire, or contact me.

Someone pointing into the sunset

Estate planning allows people to elect tools and strategies that makes life for their loved ones as uncomplicated as possible following death. Almost everyone I work with wants to ensure their family members are set up for success.

Dad holding daughter

One such estate planning tool to accomplish this is the handy dandy trust. There are almost limitless different types of trusts; trusts may be classified by their purpose, duration, creation method, or by the nature of the trust property. For instance, there is the fairly common “animal care” or “pet” trust. You can also place almost any asset imaginable in a trust.

For some parents looking to help a son or daughter (minor or adult) with special needs, a trust can be a powerful avenue to continuing to support the loved one. (In this trust situation the child would be the beneficiary of the trust, the parents would be the settlor, and a trustee would be assigned.) Why? In general, the idea is that a special needs trust can use estate assets to enrich and enhance the child’s life while maintaining the individual’s viability for enrollment in public benefits programs. Examples of assistance programs can include Supplemental Security Income (SSI), Medicaid, subsidized housing, and vocational rehabilitation, among others.

Smart estate planning for special needs ensures that the parts of the estate which pass on to the individual with special needs are NOT considered an “available asset” by the associated agencies that disperse essential benefits. Many people make the mistake of leaving assets to a loved one with a disability through a will. This is problematic because acquiring assets, such as a significant lump sum of money, can disqualify your loved one from certain government assistance programs. By setting up a special needs trust, instead of solely using a will, you can avoid these issues. How? Because the trustee has total control over the management of the funds, and the beneficiary does not, government program administrators, like the ones from SSI and Medicaid, don’t “count” the trust assets when considering eligibility.

Rose in hand

Beyond protecting the beneficiary’s eligibility for public benefits a special needs trust can also:

  • offer assured lifelong money management for the child; and/or
  • establish a pool of of available funds in the future event that public benefits should be restricted or revoked.

It’s important to remember that details of each special needs trust will vary depending on factors like the beneficiary’s age, competency, and familial situation. Also, because of the complexities involved, special needs trusts require extremely careful drafting. So, If you’re even considering establishing a special needs trust as a part of your estate plan, it’s definitely necessary to speak with an experienced estate planning professional to make sure all of the nuances of the trust are executed properly.

Don’t hesitate to contact me with questions via email (gordon@gordonfischerlawfirm.com) or on my cell phone at 515-371-6077.

fiduciary

A fiduciary role is one of the highest, strongest relationships between people. It is a role involving the highest care and the greatest importance. The people you choose to fulfill these roles should be carefully considered; they should be those whom you have the utmost confidence in.

Examples of common fiduciary roles include the executor of your will, trustees of your trusts, guardianships of your children, and agents for your financial and healthcare power of attorney. Other fiduciary roles include attorney, accountant, banker and/or credit union manager.

Often times, people choose corporate executors to remove some of the liability and risk, since corporate executors are familiar with the estate planning process. A corporate executor is going to know the drill. With a corporate executor, you have a true estate planning professional that knows and understands

If you DO choose to name a private individual to a fiduciary role, you need to ensure they are trustworthy, organized, and reliable.

The American Bar Association has comprehensively defined the different fiduciary duties as:

  • Duty of care;
  • Duty of loyalty;
  • Duty to account;
  • Duty of confidentiality;
  • Duty of full disclosure;
  • Duty to act fairly; and
  • Duty of good faith and fair dealing.

Understanding fiduciary duties and selecting the right individuals will help you feel content, secure and satisfied with your estate plan.

Have questions? Need more information?

I would love to discuss your estate plan with you. You can contact me by email at Gordon@gordonfischerlawfirm.com or give me a call at 515-371-6077. Don’t have an estate plan? The best place to start is the Estate Plan Questionnaire.

Stacked books and notebook

What’s It All For?

In Hamilton: An American Musical, a perplexed Alexander Hamilton asks Aaron Burr, “What was it all for?” Regarding trusts, we know that all the work is for the beneficiary.

Classic Definition of “Trust” and “Beneficiary”

A trust is created when a property owner transfers property to a person with the intent that the recipient hold the property for the benefit of someone else. There are three parties to a trust: (1) the settlor (also called donor or grantor); (2) the trustee; and (3) the beneficiary. Every trust must have at least one beneficiary – a person for whose benefit the trust property is being held and who therefore has legal rights to enforce the trust.

Beneficiaries Must Be Sufficiently Definite

 

two people standing against white wall laughing

The beneficiaries must be described with sufficient detail that their identities can be determined. If the description of the beneficiaries is too vague or indefinite, then the trust will fail and the property will be returned to either the settlor or the settlor’s estate.

Let’s take two simple examples.

  • Alan establishes a trust for the benefit of his then-living children. The beneficiaries are sufficiently definite.
  • Sara establishes a trust for the benefit of all her friends. The beneficiaries are insufficiently definite.

Easy, right?

Exception: Charitable Trusts

There is one narrow, but critically important exception to the rule beneficiaries of a trust must be sufficiently definite. Charitable trusts–trusts established to fulfill a recognized charitable purpose – can be for the benefit of an indefinite group. For example, a charitable trust set up to provide scholarships to disadvantaged youth will be held valid.

Multiple Beneficiaries: Concurrent Interests or Successive Interests

Trusts can have more than one beneficiary and they commonly do. In cases of multiple beneficiaries, the beneficiaries may hold concurrent interests or successive interests. An example of concurrent interests is a group of beneficiaries identified as grandchildren of the settlor, who all receive distributions after their grandparents’ deaths. An example of successive interests is a trust in which one beneficiary has an interest for a term of years, and the other beneficiary holds a future interest, to become possessory only after the present interest terminates.

 

dad swinging children on beach

Special Remedies for Beneficiaries

There are several remedies available to an aggrieved beneficiary in the event of a breach of trust by a trustee. Such remedies include claims for damages, injunction to restrain a breach, tracing and/or recovery of trust property, among others. A beneficiary may be able to recoup damages, perhaps even from the trustee’s personal assets. If the trustee wrongfully disposes of trust property, the beneficiaries may be able to reclaim the property from a third party. Again, legal remedies for a breach of trust by a trustee are broad.

Let’s Talk More About Trust Beneficiaries

Interested in establishing a trust or having difficulty deciding on beneficiaries? Don’t hesitate to reach out; email me at gordon@gordonfischerlawfirm.com. I offer a free one-hour consultation to everyone, without any obligation. I’d be happy to talk to you any time.

question mark cards

Similar to the bad joke, “When is a door not a door? When it’s a jar!” Ha! Similarly, but not as punny, we might well say, “When is a trust not a trust? When it’s a Totten trust!”

A Totten trust, also known as a savings account trust or a poor man’s will, is not a trust at all. Rather a Totten trust is simply a name given to a type of savings account. In this savings account, the depositor opens an account with her name designated “as trustee for” someone else. In a Totten trust, there is nothing stopping the depositor from withdrawing the funds for her own use, at any time during her life. Upon her death, any funds remaining are distributed to the so-called “beneficiary.”

Despite the confusing terms, no trust exists. The so-called “trustee” is not obligated to hold the property for the benefit of anyone, including the so-called beneficiary. Rather, the depositor can withdraw funds for her own use at any time during her life.

A Bit of History

The name—Totten trust—came from a New York case where their legality was tested, called In re Totten. The court ruled it was fine for one to open a banking account as a trustee for another person, who had not right to the funds until the account owner passed away. Previously courts had not allowed this under the objection that the situation could take the place of a will, which required more formality than this bank account scenario. To legally maneuver around this the Totten court called the account a “tentative trust” in which the account owner acts as trustee of the funds that will someday go to the trust’s beneficiary. After this decision other state legislatures authorized and regulated such accounts. Often they were referred to payable-on-death accounts in lieu of the term Totten trusts, but regardless of name, the result is the same.

Iowa & Totten Trusts

In states like Iowa, where Totten trusts are recognized, the proceeds for the account pass to the named beneficiary outside of the probate process. The treatment is just like a POD (“payable on death”) account or TOD (“transfer on death”) account.

Iowa recognizes Totten trusts generally, but specifically excludes them from the Iowa Trust Code. Iowa law describes legal trusts as follows:

Trust’ means an express trust, charitable or noncharitable, with additions thereto, wherever and however created, including a trust created or determined by a judgment or decree under which the trust is to be administered in the manner of an express trust. ‘Trust’ does not include [a] Totten trust account. Iowa Code 633A.1102(18)(a) (emphasis added).

When is a trust not a trust? Hopefully, thanks to this blog post, you now know that Totten trusts are not true trusts. I’ve written quite a bit on real trusts and would be happy to talk with you about what sort of trust may be right for you. Give me a call at or shoot me an email.

hammers and tools hanging in garage

Three Parties

I’ve previously written about the three parties necessary for every trust: (1) the settlor (sometimes called the donor or grantor); (2) the trustee; and (3) the beneficiary.

Two Other Elements

Besides three parties, at least two other elements are necessary for a valid trust.

  1. The trust instrument is the document that sets forth the terms of the trust.
  2. The other necessary element is property. After all, the trustee must be holding something for the benefit of the beneficiary.

Property of the Trust

When laypersons use the word “property,” I believe they usually mean real estate. But, lawyers use the term “property” much, much more broadly, to mean literally any transferable interest. Sometimes trust property is also referred to as the res or corpus or assets of the trust. (Bonus words!)

Any property can be held in trust. Seriously, check out this list of 101 assets which would fit in a trust. You could likely think of literally hundreds more types or categories of property to place in your own individual trust.

Pour Over Trust

How about an unfunded trust that will receive property at some point in the future? Can you even do that?

Yes, that can certainly be done. This is usually called a pour over trust. (More bonus words!) The pour over trust deserves its own blog post. Briefly, a pour over trust is usually set up by language in a will. A will may validly devise property to a trust, established during the testator’s lifetime, and then funded at her death.

Example

Let’s take a very simple example. Kate has a lawyer write her will, including language that at her death all her Monster Truck memorabilia be placed in a trust for the benefit of her nieces and nephews. Only at Kate’s death will the property be transferred into the trust, not before.

monster truck as a type of property

Take Aways

The important points are that property is necessary, at some point, to make a trust valid, and that literally any transferable interest in property – anything! – can be held in a trust.

Let’s Talk Trusts

It can be difficult to determine on your own if a trust may be right for your personal situation. It certainly doesn’t hurt to take me up on my offer for a free one-hour consultation. Give me a call at 515-371-6077 or shoot me an email at gordon@gordonfischerlawfirm.com.

A trust really isn’t as complicated as it first may seem. After all, there are only three parties to a trust.

A Settlor, Trustee, & Beneficiary

A trust is created when a property owner transfers the property to a person with the intent that the recipient holds the property for the benefit of someone else. So, there are three parties to a trust: (1) the owner who transfers the property (the settlor, or sometimes called the donor or grantor); (2) the person receiving the property (the trustee); and (3) the person for whose benefit the property is being held (the beneficiary).

Three men walking down the street

Note that although a trust involves three parties, it does not require three persons. One person can play multiple roles. For example, in a typical revocable inter vivos trust, it is quite common for the person establishing the trust to be the initial trustee and the principal beneficiary. In this situation, one person is all three parties – they are the settlor, the trustee, and the beneficiary.

What a Merger Means

There is one limitation to the rule of one person wearing multiple hats. The same person cannot be the sole trustee and the sole beneficiary of the trust. In such an event, it is said merger occurs, and the trust is terminated. Why so? The essence of a trust is that it divides legal title from beneficial ownership, and merger ends this division.

In practical terms, however, merger is rarely an issue. “Wait!” you shout. You just said that in a typical revocable inter vivos trust, the person establishing the trust can be trustee and beneficiary. Yes, in this situation one person is all three parties – she is the settlor, the trustee, and the beneficiary. But, in almost all situations, one person isn’t the sole beneficiary. Such a trust will designate other beneficiaries who will benefit from the property after the settlor’s death. So, one person can indeed wear three hats.

Woman with hat

Let’s Talk More About Trusts

Trusts aren’t that difficult to understand and also can provide so many helpful benefits. Want to learn more? Email me at gordon@gordonfischerlawfirm.com. I offer a free one-hour consultation to everyone, without any obligation. I’d be happy to talk to you any time.

Three Parties to a Trust

There are three parties to a trust: (1) the settlor (sometimes called the donor or grantor); (2) the trustee; and (3) the beneficiary. Let’s talk about the “middle man” of this arrangement – the trustee.

Definition of Trustee

The trustee is the person who receives the property and accepts the obligation to hold the property for the benefit of the beneficiary. There can be one, two, or many trustees.

People talking on a bridge

General Duties of Trustees

A person who accepts the role of trustee has numerous responsibilities. In particular, trustee owes several duties, which may be fairly summarized as follows:

  1. The duty to be prudent, especially with respect to investment of trust assets.
  2. The duty to carry out the terms of the trust.
  3. The duty to be loyal to the trust and administer the trust solely for the benefit of the beneficiaries.
  4. The duty to give personal attention to the affairs of the trust.
  5. The duty to provide regular accounting to the beneficiaries.

Court Can Choose Trustees

If the trustee chosen by the settlor is unwilling or unable to serve, and if the settlor has not chosen a successor trustee, a court will appoint a trustee to carry out the terms of the trust. ”A trust will not fail for want of a trustee.”

Individual Trustees & Corporate Trustees

Two people talking over computer at outside cafe table

A trustee can be one or more people, or can be what is known as a corporate trustee. Many banks, other financial institutions, and even a few law firms, have trust departments to manage trusts and carry out the duties of the trustee. These are professional trustees and, of course, charge fees for services rendered. But, there are no formal requirements for being a trustee, and individuals still often serve as trustee for family members and friends.

Questions? Let’s Talk.

This hopefully clarified the important role of trustee to assist your estate planning decisions, but you may have questions…which is great! Contact me to discuss further the status of your estate plan and your trustee decisions. Reach me by email at gordon@gordonfischerlawfirm.com or phone at 515-371-6077.