The Cosmic Avenger
Thinks s/he gets paid by the post
I've been designated as the trustee for my uncle's estate, and while he's still alive and quite healthy, I'm wondering what issues you've run into or heard of with being a trustee. His daughter has money problems, and he supports her and her husband and two small children. I understand he's probably doing it for his grandkids, but I think he's doing his daughter a disservice. She doesn't know how to LBHM or handle money at all, and has developed expensive tastes despite not holding down a job. My uncle is structuring the trust to pay income probably for the life of his daughter; he has mid-seven figures and has been retired for many years, so I'm guessing he wants the principle go to his grandkids.
I'm providing the soap-opera background because I'm curious in particular if any of you have been trustee for this type of beneficiary. By the time my uncle passes I may be retired, so I may have time to deal with it, or I may be too busy volunteering and traveling, but I am wondering if it will be worth it. I do know that I can decline and have a lawyer administer the trust, but I can pay myself a reasonable fee for managing it, and it would be significantly less than a lawyer would charge. I'm very close to my cousin, but she is horrible with money and many parts of adulting aside from parenting. I'm not afraid family drama, but while she can be immature she's not spiteful or one to hold grudges, so I don't want to pass off responsibility just to preserve harmony.
I'm providing the soap-opera background because I'm curious in particular if any of you have been trustee for this type of beneficiary. By the time my uncle passes I may be retired, so I may have time to deal with it, or I may be too busy volunteering and traveling, but I am wondering if it will be worth it. I do know that I can decline and have a lawyer administer the trust, but I can pay myself a reasonable fee for managing it, and it would be significantly less than a lawyer would charge. I'm very close to my cousin, but she is horrible with money and many parts of adulting aside from parenting. I'm not afraid family drama, but while she can be immature she's not spiteful or one to hold grudges, so I don't want to pass off responsibility just to preserve harmony.