Ensuring That Your Trust Is Trustworthy
People often place sums of family money, ranging from modest to large, in trusts. The idea of a trust is to give the money some legal protection from misuse, getting into the wrong hands and from certain forms of tax liability. Another major objective is to keep the money in custody for one's children, or for some other charitable or specific purpose.
Not surprisingly, trustees who are entrusted with the assets are both legally and morally obliged to look after it as if it were their own and to care about those who have provided the funds and those who are to benefit now or in the future. Unfortunately, such expectations may be disappointed. There are many cases of trusts being actively mismanaged or apathetically unmanaged. The one thing you can be sure of is that they are complex vehicles that cost money to run.
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