What You Need to Know About Corporate Trustees

Michael thought he had done everything right. He created a revocable trust, avoided probate, and named a neutral third party to serve as trustee after his death. But when the corporate trustee declined to serve, his family spent fourteen years trying to untangle the consequences. In this episode, Jill explains what corporate trustees do, why they sometimes say no, and how to make sure your estate plan works not just on paper, but in real life. What You’ll Learn in This Episode -Why avoiding probate shouldn't be the only goal of estate planning -What a corporate trustee is and how it differs from an individual trustee -Reasons a corporate trustee might decline to serve -Why trust companies have minimum asset requirements and internal policies -How certain assets, like closely held business interests and mineral rights, can complicate trust administration -What silent trusts are and why some corporate trustees are hesitant to administer them -Why some institutions decline to serve as trustee of an irrevocable life insurance trust (ILIT) -How involving a corporate trustee during the planning process can help identify potential problems before they affect your family -What happens when no trustee is available to serve after your death -How state trust laws addresses vacancies in trusteeship -The importance of naming backup trustees and creating contingency plans Resources & Links Episode 19: Why You Need or Don’t Need a Trust: https://www.deathreadiness.com/podcas... Get your copy of The Death Readiness Playbook: https://www.deathreadiness.com/playbook Tennessee Estate Planning Services with Jill Mastroianni: https://www.deathreadiness.com/estate... More episodes and resources: https://deathreadiness.com Ask a question for Tuesday Triage here: https://deathreadiness.com/tuesdaytriage About the Podcast The Death Readiness Podcast helps families navigate wills, trusts, probate, and end-of-life preparation, without the legal jargon. Hosted by Jill Mastroianni, estate planning attorney and creator of The Death Readiness Playbook. Disclaimer This podcast is for educational and entertainment purposes only and does not constitute legal advice. Consult a licensed attorney in your state for guidance tailored to your situation.