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Strategies & Market Trends : Estate Planning
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To: Lazarus_Long who wrote (23)1/15/2005 4:11:52 PM
From: SI Dave  Read Replies (2) of 79
 
>>However, a trustee must be appointed when the trust is set up.

I went the additional step of designating a corporate trust company as co-trustee. That way, I'll rest easier knowing the the Prudent Man rule will be applied - no naked shorting of penny stocks with residue of my hard-earned dollars. :-)

The "family-side" co-trustee has the ability to reappoint the corporate co-trustee, but only if certain minimum standards are met ($1 billion+ under management or something along those lines). No appointing the brother of a friend of a cousin who's trying to earn his wings. Nosiree. The trust company is also co-executor of my will.

Trust companies are very good at both preserving capital and making people happy and appreciative by giving them their own money.
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