Wills, Estates & Trusts
May 5, 2025
Why you should think twice before naming a child as trustee of your family trust
See more on Why you should think twice before naming a child as trustee of your family trustNaming a child as trustee in a family trust can lead to conflicts, emotional strain and strained relationships, especially when dealing with complex estates or family dynamics, making it crucial to carefully consider alternatives such as a professional trustee.
In the annual letter to his shareholders, Warren Buffett, the CEO of Berkshire Hathaway, offered this wise recommendation:
"I have one further suggestion for all parents, whether they are of modest or staggering wealth. When your children are mature, have them read your will before you sign it."
Excellent advice!!
Reflecting on Buffett's words, I thought back on my 81/2 years on the bench, presiding over long cause trust trials. I saw first...
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