Wednesday, July 18, 2007

Multiple trustees

Here's another article I read as I research trusts (free WSJ Digg link). More trusts are being set up with multiple trustees.

Increasingly, however, families are "slicing and dicing" trustee duties, says Dennis Belcher, a trust lawyer with McGuireWoods LLP in Richmond, Va. Families are specifying that one trustee, typically an institutional trust company, hold custody of the assets and handle the administrative trustee duties. Meanwhile, another fiduciary -- often a family investment committee -- has the authority to direct investments. Trust creators are also naming separate trustees to handle distributions to beneficiaries.