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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Control mechanisms over a trustee... Posted by SeanW on July 01, 2003 at 6:33 AM In Reply to: Re: Control mechanisms over a trustee... posted by jenv on July 01, 2003 at 1:52 AM : This might be absurdly complex, but you could have 2 trustees, one with an estate for years and one with a remainder interest. Then no single trustee could convey fee simple title; they would have to collude to convey fee simple title. Makes for killer asset protection, too. One thing to keep in mind, these trusts ARE revocable. If the grantor isn't satisfied with his trustee and can't find any better way out, just revoke the trust. It kills your privacy though, and could alert the world to anything else you had under that trustee. There's probably a point where things get so complicated that your trustee declines to be nominated-- it smells like you're suspicious and don't trust him. I'm wondering if simply naming successor trustees in the declaration, is sufficient to obviate the need for the backup "substitution of trustee" document. After all, can't the grantor just fire his trustee, and the successor immediately takes over? Ward, I would also like a little more explanation of what you meant by "tripwire". It sounded like some kind of communication back to the gantor of the trustee's actions... Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : This might be absurdly complex, but you could have 2 trustees, one with an estate for years and one with a remainder interest. Then no single trustee could convey fee simple title; they would have to collude to convey fee simple title. Makes for killer asset protection, too. : One thing to keep in mind, these trusts ARE revocable. If the grantor isn't satisfied with his trustee and can't find any better way out, just revoke the trust. It kills your privacy though, and could alert the world to anything else you had under that trustee. : There's probably a point where things get so complicated that your trustee declines to be nominated-- it smells like you're suspicious and don't trust him. : I'm wondering if simply naming successor trustees in the declaration, is sufficient to obviate the need for the backup "substitution of trustee" document. After all, can't the grantor just fire his trustee, and the successor immediately takes over? : Ward, I would also like a little more explanation of what you meant by "tripwire". It sounded like some kind of communication back to the gantor of the trustee's actions... Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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