10. Tedious Long-term Trusts

So you are managing a trust fund for your nieces and nephews until they reach the age of 25. Will you be able to handle this responsibility? Can you manage investments and file tax returns annually?

Are you planning to retire or relocate out of the jurisdiction? Do you want the responsibilities of having to monitor investment returns?

Perhaps you want to delegate this long-term responsibility to a trust company or other professional advisors. Will you be liable for their mistakes? Does the will give you any comfort and give you power to delegate?

Action Steps

When you start working with other executors, start by deciding how duties and compensation will be divided to avoid later disputes over compensation.

If there are nothing but headaches and you will not have time to do your job right, consider resigning.

Determine if you have a conflict of interest and should resign before you start acting as executor.

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