Bifurcation of Trust Functions
Jonathan G. Blattmachr and Martin M. Shenkman
What are some of the common ways to slice and dice trustee functions? Historically a trust typically had one position, a trustee. But modern trusts might include a bevy of different trustee or trustee-like functions including: General trustee; distributions trustee, and investment trustee. What does each of these do and what state law foundation is advisable to have before dividing trustee functions? What is the benefit of incorporating different trustee divisions/functions into a trust? Why incorporate various trustee functions into your trust instrument when the trust is created even if these different functions may not be needed at the outset? What are some of the further specialized trustee functions you might include in a trust and why: insurance trustee, art trustee, literary trustee, family business trustee. How can adding different trustee functions enhance flexibility and increase the potential for the IRS or creditors respecting the trust? How can these functions facilitate making loans or having a trust own person use assets?
One Slide Per Page