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Today, more of our clients are becoming receptive to planning that uses irrevocable trusts intended to manage significant wealth for future generations of the settlor’s family. Consequently, the idiom “you get what you pay for” may be more relevant than ever when selecting a trustee who may be responsible for managing extensive wealth for infinitely longer periods of time.
At its core, a trust instrument creates a contractual relationship that imposes fiduciary responsibilities on the trustee to administer trust assets for the benefit of beneficiaries, in accordance with the terms of the agreement. Trust agreements are often lengthy and complex documents governed by ever-evolving and complex tax laws. Whether or not the trustee is able to...
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