Do your clients know what it means to be a trustee?
They may believe being a trustee gives them absolute discretion over how a trust is handled. But there are investment rules and contracts that must be considered.
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If a client mentions she’s been named a trustee, sit down with her to review her future responsibilities and ensure she knows what she’s getting into. It’s hard work.
You can also help her understand the provincial legislation that applies to her new role.
Or, if she mentions she’s interested in setting up a trust for her own needs, show her the difference between testamentary and other types of trusts.
AdvisorToClient is your trusted resource for information you can send to your clients on trusts and a variety of other financial planning topics.