Are you feeling the holiday spirit? I know I am! Every year at Thanksgiving, our family and some of our dear friends come together to celebrate the entire holiday season. We have an extended family that scatters in different directions during Christmas and New Year’s, as many of you can probably relate to. But at Thanksgiving, we are surrounded by the love, laughter and fellowship of all of our nearest and dearest…a true blessing. After I am gone, I want this tradition to continue and the rooms to still be filled with these simple joys of Life. With this…you probably agree.

The sad reality is I have seen many families who are unable to carry this tradition on because they have been torn by greed, power struggles, and the harsh reality of responsibility. Big sister – who has been responsible her entire life – is now the trustee over her siblings’ trusts. One brother despises her just for the fact that she assumed this role, and the other brother is always asking for more money. Little sister, who is always finding herself in trouble, needs more money too. Big sister is tired and no longer wants the family over for the holidays. Is this what Dad and Mom wanted?

Or perhaps out of fear of that scenario, you chose a close friend or other known relative to serve as trustee. After all, they are trustworthy, understand your wishes and know your heirs. This should leave you with a sense of comfort, right? But even the most financially savvy individuals in your life may find managing your heirs, as well as your trust, extremely burdensome. Moreover, this friend or family member could be held financially responsible for any losses in the trust.

The duties of a trustee usually entail, but are not limited to administrative work, record keeping, distributions and other duties to the beneficiaries, oversight of investment managers, tax planning and other fiduciary responsibilities. Aside from that level of experience, there are other issues to take under consideration when choosing for this important role. First, what will be the trustee’s level of availability? What about the longevity of your trustee? Will the trustee be able to make unbiased decisions regarding the assets in the trust? Will the trustee be impartial to the beneficiaries when necessary?

The good news is that there is another option called a corporate trustee. Yes, I understand this is not someone who knows you, your wishes and your heirs…but this could be to your benefit. This type of trustee can not only relieve a friend or relative from potential conflicts with the beneficiaries of your trust and protect relationships; a corporate trustee can easily assume the demanding duties associated with the role. It can ensure that your trust document, which describes your wishes, is followed; and this type of trustee will also provide continuity and discretion in addition to many years of experience.

Just this last week, I had a client tell me about the miserable Thanksgiving her family had spent together because she was the “responsible one” who had been named trustee over her father’s estate – and simply could not make everyone happy. I ask you to strongly consider what your family’s Thanksgiving and Christmas holidays will be like after you are gone. If you question it; talk with your Life Consultant about the options that exist to avoid it.