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As an officer at a trust company, I often find myself defending the use of a professional trustee to attorneys and prospects. Betty, whom her parents viewed as the responsible one, received her share in each estate outright, but since the second of their parents passed away eight years ago, Betty has served as trustee for two separate trusts apiece for Jack and Jill. Betty has served diligently for eight years, keeping records of all her actions, without collecting any fee or even any reimbursement for her expenses.

Lawyers as Trustees | Risks When Lawyer Serves as Trustee

Betty declined to collect a fee because she felt that her siblings resented her service and the trusts enough without having to pay her, too. But now Betty is tired and wants to quit dealing with all this work.

Trusts Part 1 - the Grantor, the Trustee and the Beneficiary

She pays out all the income from each trust every year. Betty took it one step further.

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Whenever she makes a principal distribution to Jill from her trusts, she then makes an equal distribution to Jack from his trusts, regardless of whether it is warranted. Over the years, all four trusts have stayed essentially equal relative to when they first divided. Let me explain: Jill has few other resources. Jacqueline is a qualified accountant and lawyer and has a Masters in Corporate Governance and Ethics.

What Is a Trust Checking Account?

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What is a governor? How do you become one? And how can you make a difference to your school? Why is collaboration with other charities seen as a threat, rather than an opportunity?

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Guidelines for Individual Executors & Trustees

Evaluation of Senior Administrators. Executive Compensation for President and Campus Chancellors. Family-Leave Policy. Graduate Medical Education Personnel Policy.

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Policy on Tuition Waivers. Principles of Employee Conduct. Affirmative Action and Equal Opportunity. Employee Background Reviews with Guidelines. Policy on Codes of Student Conduct. Policy on Undergraduate Admissions. Governance of the University of Massachusetts Worcester.


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Conflict of Interest Disclosure Policy for Trustees. Governance Policy. Policy on Awarding Honorary Degrees. Student Trustee Election Policy.