Be Sure Your Trustee Is Willing To Serve
A post by Paul Trudelle at the Toronto Estate Law Blog regarding some brewing problems with the rather generous trust that Leona Helmsley established for her dog in her will provides an opportunity to address one of the most fundamental estate planning issues, and an easily avoided problem. It seems that the primary trustee that The Queen of Mean designated for her faithful companion does not wish to serve. It is, as Paul notes in his post, unclear as to whether the substitute trustee is willing to serve. Should the substitute be likewise unwilling, the result is predictable - costly, asset consuming litigation. It is a fundamental precept that, before you designate a trustee you confirm that that person (or institution) is willing to serve. Failing to take this simple step can, as Ms. Helmsley's family may well discover, lead to needless litigation and the waste of time and assets. These problems are easily avoided by having a short conversation with your intended trustee. I would add, parenthetically, that this is especially important if you are considering what some might consider exotic or unconventional estate planning tools, such as pet trusts.
