Do you trust your trustee? (trust administration got you frustrated?)

There is a great article in this weekend’s Wall Street Journal by financial writer Liz Moyer.

The Trouble With Trustees

• Liz Moyer’s piece in this past weekend’s (November 22-23, 2014) Wall Street Journal dealt with The Trouble With Trustees
• Many Palm Beach trust beneficiaries could probably relate to that title
• As many beneficiaries of revocable trusts Palm Beach, which then become irrevocable, find that their inheritance is not given to them “outright”
• Their inheritance is given to a trustee !
• And the Boca Raton Trust beneficiary or heir or next of kin needs to ask the trustee for money.
• There’s no roadmap to how trusts are administered, and maybe trust lawyers Palm Beach should put on a trust seminar to teach the trust beneficiaries how to deal with a trustee
• The “battle” over family wealth and family money continues
• Not only do trustees and executors of wills deal with the IRS on the Estate Tax issue or the inheritance tax issue, but
• Trustees deal with beneficiaries of family trusts
• Trusts which may be irrevocable
• Trusts which the adult children may not like the terms of
• Many trust beneficiaries believe the money is “their” money or “family” money and they don’t like the idea of requesting or asking for “their money” from a stranger: the trustee who may be a bank or a trust lawyer