The final Brown Bag Lunch meeting of 2023 was held on December 19. Despite the proximity to the holidays, BBLers still showed up ready to discuss a variety of interesting topics and practice questions.
The meeting began with participants sharing their thoughts on one BBLers request for input on how to appoint a non-resident beneficiary as estate trustee without a Will for a relatively small estate, without consents from the other beneficiaries. Several attendees expressed concern that such an application would be successful at all, suggesting that a trust company would be a better solution. Some trust companies have a lower minimum threshold estate value or will agree to act provided they are paid the minimum fee.
Next, one attendee shared a complicated planning matter they are working on, involving a client’s desire to roll out assets, wind up a trust, and establish a new trust for different beneficiaries to hold the same assets. The matter involved a number of challenging issues that led to a lively discussion amongst participants, including whether notice must be given to a third trustee where there is a majority rules clause for decision-making, and possible family law issues.
Please log in to read the full article.