What You Need to Know About Corporate Trustees

Michael thought he had done everything right. He created a revocable trust, avoided probate, and named a neutral third party to serve as trustee after his death. But when the corporate trustee declined to serve, his family spent fourteen years trying to untangle the consequences. In this episode, Jill explains what corporate trustees do, why they sometimes say no, and how to make sure your estate plan works not just on paper, but in real life. What You’ll Learn in This Episode Why avoiding probate shouldn't be the only goal of estate planning What a corporate trustee is and how it differs from an individual trustee Reasons a corporate trustee might decline to serve Why trust companies have minimum asset requirements and internal policies How certain assets, like closely held business interests and mineral rights, can complicate trust administration What silent trusts are and why some corporate trustees are hesitant to administer them Why some institutions decline to serve as trustee of an irrevocable life insurance trust (ILIT) How involving a corporate trustee during the planning process can help identify potential problems before they affect your family What happens when no trustee is available to serve after your death How state trust laws addresses vacancies in trusteeship The importance of naming backup trustees and creating contingency plans Resources & Links Watch this episode on YouTube: https://youtu.be/8yPS4NeTQng  Episode 19: Why You Need or Don’t Need a Trust: https://www.deathreadiness.com/podcast/episode-19-how-to-know-if-you-need-a-trust Tennessee Estate Planning Solution: https://www.deathreadiness.com/estate-planning-solution Connect with Jill: Website: DeathReadiness.com Email: jill@deathreadiness.com Learn more about Jill’s solutions Subscribe to the Death Readiness Dispatch! Ask a question for Tuesday Triage Did you enjoy this episode? Share it with someone you care about. This podcast provides estate planning guidance for women and discusses real, practical issues, from caregiving, pre-planning a funeral, how to avoid probate using beneficiary designations, planning for individuals with special needs (and special needs trusts), whether you need a professional fiduciary (trustee or executor), how the estate tax works and how to preserve your legacy. Tuesday Triage episodes answer questions from listeners like you, from powers of attorney, healthcare advance directives (and whether they work when you’re pregnant), what a Last Will and Testament really is, whether you need a trust, how Medicaid works and how to have senior and elder care conversations and how to care for aging parents. Disclaimer: This podcast and all related content are for educational purposes only and do not constitute legal advice. No attorney-client relationship is established here. Use of this information without careful analysis and review by your attorney, CPA, and/or financial advisor may cause serious adverse consequences. For legal guidance tailored to your unique situation, consult with a licensed attorney in your state.