Being named a trust beneficiary brings the prospect of receiving wealth. Nevertheless, beneficiaries may feel resentment — not at being beneficiaries, but at lacking control over the trust. While some limitations on the powers of beneficiaries may have been imposed for good reasons, other restrictions may not be necessary. By including beneficiaries in a trust’s governance, one can also improve the long-term financial stewardship. Thus, when designing trusts, estate planners should explore with clients what powers can appropriately be given to beneficiaries. Two case studies are discussed where powers were given to beneficiaries.
By admin| 2017-10-13T09:07:33+00:00 September 25th, 2017|Best Practices for Trusts, Trustees & Beneficiaries|