What You Need to Know About Corporate Trustees

Jun 16

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

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