Trust is the essence of “trustee.” A poorly chosen trustee can lead to financial mismanagement, family conflict, and even legal battles. However, choosing a good trustee is an intimidating task for families. Often this person will be with the family for years to come. They want to make the right decision.
Unfortunately, many family business advisors rush into the process of naming a trustee. But according to Patricia M. Angus, family business advisors need to slow down.
Release the pressure through education. And through it all, be a calm presence.
Uncover six steps to help your client develop criteria for their trustee in “Corporate or Individual Trustee?”
Read about educating family business clients about trusteeship here.
Become a Member for Your Expertly Curated Advice
Joining the Family Wealth Library means access to the information the legacy builders need to navigate family dynamics and protect our wealth. We can keep what is ours by managing familial challenges and building trust and transparency.