HEIRS®, Inc. was formed in February of 1991 expressly to address the grievances of trust creators and beneficiaries. Still the first and only organization of its kind in the country, it works today to improve the administration of personal trusts and estates primarily through education. HEIRS® also assists trust creators in designing a trust that will be ‘beneficiary friendly’ and in choosing a fiduciary that will best provide financial management for his/her children. Over the longer term, the organization is pushing for legislative reforms that will improve corporate trust/estate administration.
Announcement About A Recent Publication from the Heirs® Organization!
Considering a Change in Trustee or Creating an Irrevocable Trust Account?
If the future was predictable, perhaps there would not be a need for trust creators to provide their beneficiaries with means to insure the performance of their trusts as, for example, by providing a practical mechanism for changing trustees should the need arise. Yet experience suggests a beneficiary’s circumstances can change in ways never anticipated. Fortunately, based on recent advice from competent counsel, omission of a trustee removal clause in new trusts could, under appropriate circumstances, subject today’s drafting attorney to a malpractice action! Yet what about the dissatisfied beneficiary who discovers that improved administration will require a change of trustee but no removal clause is available? Would you not agree that if tomorrow’s beneficiaries can anticipate being able to easily change corporate trustees or substitute a corporate for an individual trustee, shouldn’t that privilege be extended to beneficiaries with existing trusts?
The issue has been explored at length in a recent Heirs ® publication entitled Portability – The Key to Improved Trust Administration. Briefly, the article records varied complaints from actual beneficiaries across the country and graphically relates the consequences when trust administrators ignore certain accepted fiducial principles. The viewpoints of industry, consumer, and academic authorities who have acknowledged the need to offer all beneficiaries practical means of changing trustees are also presented. Beneficiaries will find Portability – The Key to Improved Trust Administration particularly helpful in gaining concessions from their trustees. Furthermore, for their part, trust creators are alerted to potential problems which can threaten future beneficiary-trustee relationships. In sum, portability will not only benefit the individual beneficiary and trust creator but corporate administrators simply by requiring banks to improve administration or risk losing your business!
A bound colorfully illustrated postpaid copy may be obtained directly from Heirs® at a cost of $50. Interested in arranging low cost drop shipping of one or more copies to your state legislators and/or congressmen? Contact Heirs® at (610) 527-6260 or firstname.lastname@example.org.