In the previous three sections, we made a number of recommendations.  Because it is easy for them to get lost in the sea of other information contained in each section, we thought it might be helpful to summarize them in one place.

I. Read, “So You Want To Be Your Own Trustee”.  Then as a couple, discuss among yourselves whether or not either of you wants the job of trustee at the death of the other spouse.

II. Allow for the appointment of a Corporate Trustee (or as Co-Trustee or as the Spousal Trustee’s Agent) during the lifetimes of both spouses, and the lifetime of the surviving spouse in the event of disability or incapacity.

III. Allow the surviving spouse/trustee the flexibility to
     a. Resign in favor of the Corporate Trustee to act as sole trustee.
     b. Appoint a Corporate Trustee to act as Co-Trustee with the Spousal Trustee.
     c. Appoint a Corporate Trust Company to act as an agent to the Spousal Trustee.
        
Allow these actions to occur at any time during the life of the Spousal Trustee.  Make the appointment of a Corporate Trustee as sole trustee mandatory in the event of the disability or incapacity of the surviving Spousal Trustee (see I above).

IV. Appoint a Trust Protector with power to “fire” the Corporate Trustee it they act  as sole trustee.

V. Appoint an Investment Advisor to the Trustees – both spousal and corporate trustees.

VI. Consider giving the surviving spouse the option of not funding or establishing the Decedent’s Trust upon the death of the first spouse.  Weigh this decision in light of all the risks associated with it.

VII. Consider overriding the Uniform Principal and Income Act by charging all expenses and taxes against the principal of the QTIP Trust (if established) or the Decedent’s Trust, if the QTIP Trust is not established.  Make this judgment based upon the anticipated income needs of the surviving spouse in consultation with your Financial Planner.

VIII. Direct the trustee of the Decedent’s Trust and/or the QTIP Trust to invest the assets of these two trusts with an emphasis on “growth with income secondary” IF the surviving spouse will have more than enough income outside of these two trusts.

OR

Direct the trustee of the QTIP Trust to invest the assets with an emphasis on “income with growth secondary” IF the surviving spouse will be dependent on the income from this trust.  If the QTIP Trust in not established, or if there is still a need for income beyond the income from the QTIP Trust and all other sources, direct the trustee of the Decedent’s Trust to invest the assets with an emphasis on “income with growth secondary”.

Again, it needs to be emphasized that my experience is as a financial planner and investment advisor.  I am not or ever was an estate planning attorney.  I have come to my views and recommendations based upon many years of working with clients in regard to their estate plans.  This experience is important, but it is critical that you consult with and rely on competent estate planning advice from an attorney experienced in that field.  If there is a difference of opinion between your attorney and your other advisors with what you have read in these articles, remember they are the professionals that are current active in their field of expertise and must control the final recommendations.  The sole purpose of these articles is to raise your awareness of some important issues so that you can explore their impact on your particular situation – and to provide some motivation for you to do so.