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Trust Your Trustee

Many people’s revo- If this is your concern,

cable trusts are de- you may wish to forego
signed to continue for appointing a child as
a period of time past successor trustee and
their deaths. For use a third-party trustee
example, you may want instead. But if your es-
trust assets distributed tate is not large enough
to your grandchildren to justify the expense of
when they attain a cer- hiring an accountant,
tain age. Your successor lawyer or the trust
trustee is the person department of a bank
who will make those as successor trustee, you
distributions and man- Joseph S. Karp, might want to consid-
age the trust assets. C.E.L.A. er appointing a close
You must trust your trustee... family friend or perhaps your own
obviously! And that means giving him sibling. The point is to select some-
some degree of discretion. If you tie one you feel comfortable giving
his hands with too many restrictive discretion, who can be objective
provisions, you hamper his ability to and unflappable when beneficiaries
properly manage your assets when complain.

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conditions change. Some examples: You may also want to think about
appointing a “Trust Protec-
Listen to Joe Karp and Anita Finley on tor,” an impartial third
party the successor trustee
Saturday, July 17 from 7:30-8:00 PM
and beneficiaries may con-
on WSBR 740AM and on the

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tact to settle problems.
Internet at You can even empower the
Trust Protector to make
Your trust specifies that your changes to your trust provisions if
daughter will receive a minimal circumstances make it prudent to do
annual sum, and your struggling so, like a change in the tax laws.
son, a far larger amount. But those See a Certified Elder Law Attorney
figures are based on conditions at for advice on making the most
the time you drafted your trust. prudent choices!
What if your beneficiaries’ financial Joseph S. Karp is a nationally certi-
fortunes reverse? fied and Florida Bar-certified elder law
You specify that a particular stock attorney (C.E.L.A.) specializing in the
is never to be sold; maybe you worked practice of Trusts, Estates and Elder Law.
for that corporation and the stock His offices are located at 2500
has performed well. But today’s Wall Quantum Lakes Drive, Boynton Beach;
Street darlings can be tomorrow’s 2875 PGA Blvd., Palm Beach Gardens;
disasters. This provision would pre- and 1100 SW St. Lucie W. Blvd., Port
vent your trustee from selling it. St. Lucie.
Most people who put in these re- Call him at 561-752-4550 (Boynton);
strictive provisions aren’t control 561-625-1100 (Palm Beach Gardens);
freaks. Usually they’re just trying or 772-343-8411 (Port St. Lucie).
to keep peace among their adult Toll-free from anywhere: 800-893-9911.
children: “If Johnny is trustee and E-mail: or website
Bobby and Susan are not, Bobby and
Susan can hardly complain about Read The Florida Elder Law and
Johnny if he is just doing what I told Estate Planning Blog at
him to do.”