by Dan Felix | Jul 4, 2023 | Successful Trust Administration
Consider the textbook case of administering a trust for a beneficiary who is challenged by sticking to a budget. A trustee’s escalating instructions and imposing consequences at best treat a symptom, and at worst are destructive both to the beneficiary and to a...
by Dan Felix | Jul 6, 2023 | Successful Trust Administration
Using the PERMA Guides of Positive Psychology to Improve Trust Administration I’ll bet PERMA doesn’t appear on the check-lists of many trustees. Perhaps it should. Deeply engaged in the study of how people flourish is a team of positive psychologists collaborating...
by Dan Felix | Jun 30, 2023 | Successful Trust Administration
Trusts live in a highly emotional context of money, death, loss and family. Feelings long-submerged can explode even for the most rational of us. Too often, the approach in handling trusts is limited to intellectual, legalistic constructs instead of to also...
by Dan Felix | Jun 30, 2023 | Successful Trust Administration
You would think that anyone who participates in a trust would want the trust handled “successfully” You would think that it wouldn’t matter whether you’re the trust creator who is setting up the trust, or the beneficiary, receiving the benefits from the trust creator,...
by Dan Felix | Jul 3, 2023 | Successful Trust Administration
The on-boarding process supports success by: Making sure the leadership and advisory roles are well-filled. Building an environment of mutual trust and collaboration. Setting, managing and meeting expectations of the stakeholder family and also advisors. I’ve...
by Dan Felix | Jul 4, 2023 | Successful Trust Administration
The opportunity for engagement Here we consider the development and use of Investment and Distribution Policy Statements, along with their living context: the greater goals and mission of each trust for the family served. The expression of the goals of the trust on...
by Dan Felix | Jul 4, 2023 | Successful Trust Administration
Many in the trustscape use— or at least, have heard of— an Investment Policy Statement (“IPS”). The IPS articulates the approach of the trust for investment of its financial assets, and can cover the nature of the investments, risk tolerance, the targeted return, the...
by Dan Felix | Jul 4, 2023 | Successful Trust Administration
Trust Accountings: financial communications One of the under-appreciated functions of the trustee is as a communicator. Communication opportunities flow from his multiple roles: in investing, in spending, and in taking care of any of a range of projects which the...
by Dan Felix | Jul 4, 2023 | Successful Trust Administration
The attorney delivers the long, detailed trust document. But does the trust creator understand the nuts and bolts of how it works? More critically, does the trustee— who has to administer and manage the trust— understand it? And what about the beneficiaries?...
by Dan Felix | Jul 4, 2023 | Successful Trust Administration
Decreased capacity of the principal means increased complexity and responsibility for the financial fiduciary The financial power of attorney— typically called the “power of attorney for property”— is often considered of lessor importance in estate transitions....
by Dan Felix | Jul 6, 2023 | Successful Trust Administration
Trustees Won’t Be Successful Tripping Over These Traps 1 ~ Lack of Communication: Excellent communication is the most underrated of trust tasks and one of the most essential for trust success. Keeping the stakeholders informed about what is going on is critical....
