Trusts are complex legal instruments designed to determine who receives your assets when you pass away, avoid the probate process and protect your assets for your beneficiaries. At its heart, a Trust is comprised of three elements: Grantor, Trustee and Beneficiary. As creator, you as the Grantor (also known as a Trustor or Settlor) are entrusting assets with the Trustee to manage for the benefit of a Beneficiary. In most cases, you are all three, at least while you have capacity and are alive. When you are no longer able, or when you pass away, your successor Trustee interprets your instructions and carries out your wishes accordingly. A Trustee is considered a fiduciary and held to a higher standard of care.

It is most important that your Trust is well drafted and clear to ensure that your wishes are honored during the trust administration. Your Successor Trustee is legally bound to follow the instructions detailed in your Trust. Sadly, we have observed far too often seemingly innocuous ambiguities and inconsistencies – markers of a poorly drafted Trust – lead to conflict and disharmony. Trust administrations should be fairly straightforward with the guidance of competent legal counsel.