Picking The Right People

The Jimmy Buffett edition......

Recently Jimmy Buffett’s widow made headlines demanding a formal accounting from the trustee of the trust her late husband left behind. The trust, reportedly worth millions, is generating less than 1% investment return, and she wants to know why.

While none of us know the full story behind the scenes, this is a classic example of why estate planning isn’t just about documents; it’s about people. Even the most well-drafted trust can fall short if the wrong person is in the wrong role.

For example, when parents of minor children are creating an estate plan, they usually think carefully about who will care for their children day-to-day. That’s your guardian - the one who steps in as a parental figure. But often overlooked is the equally important role of the trustee - the person who’s in charge of managing the money.

Sometimes those roles are played by the same person. But not always. You may have someone in your life who is deeply nurturing and would be a fantastic caregiver. You may also know someone else who’s savvy with finances, organized, and capable of overseeing investments and distributions responsibly. 

But what happens when those two people don’t communicate well? Or when the caregiver has to ask the trustee for money, and the trustee says no?

Tension. Conflict. Resentment. And often, it’s the children who get caught in the middle.

This is exactly the kind of conversation a good estate planning attorney will guide you through.

At Commonwealth Law Practice, we don’t just fill in blanks and draft papers. We help you think through the people dynamics so your plan actually works in real life.

Take the Next Step Book a Peace of Mind Planning Session today. I’ll walk you through your options and our unique flat fee pricing. Mention this blog and we’ll waive the $450 session fee! https://calendly.com/ralph-commonlawpractice/peace-of-mind-planning-session

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