A TRUSTEE ... WHO "WILL DO ANYTHING HIS WIFE SAYS"

SOURCE: RECER EXPERIENCE.

A Pennsylvania widower came in for estate planning and, during the discussion, decided to create a trust for his grandchildren.

When the question of trustee appointment arose, he said, "You know, I had always thought that I would name my son as the trustee of any trusts that I might create."

"But," he continued, "my son will do anything his wife tells him to do. So, if I name my son as trustee, I am really naming my daughter-in-law. And, I don't want to do that."

Going on, he explained that he had no particular animus for his daughter-in-law; but, that he didn't think she was knowledgeable of investments ... and, thus, did not want her running his financial affairs.

He was a wise man. Although you may have complete trust in a particular person, that person may now be under the influence of someone else. Or, he may come under that influence later in life.

Be careful! Do not put your estate into the hands of someone who can be influenced by others. Your trustee needs to be objective.

See also, Uncle Ned: the Trustee Who Gave Away the College Money