Your Trustee

Once Transitions Wealth Strategies works with the Caregivers to establish the financial resources necessary to secure their goals for their disabled dependant's ongoing lifestyle, the next concern is how best to establish ongoing guardianship of these funds on behalf of their dependant once the Caregivers are gone.

Financial guidance will be required in any event. Utilization of Henson Trusts or Disability Expense Trusts, require the selection of a Trustee to manage the affairs of the Trust. Not only must the Trustee be considered trustworthy enough to carry out the Caregiver’s wishes, but they must also be able to prepare annual Trust tax returns, manage Trust investments and disbursements, maintain awareness of ever changing legislation and maintain the integrity of the Trust relative to ODSP preservation goals. The chosen Trustee must be young enough that they will reasonably be expected to outlive the disabled beneficiary of the Trust.

Most often Caregiver’s first thoughts are to select a sibling of the disabled dependant. This may be appropriate but often times this puts ongoing undue burden on a sibling who may be conflicted as well if they are named as a beneficiary of the Trust.

These are just some of the issues. There are many more. Selection of a Trustee where a disabled beneficiary is involved is an onerous responsibility that must be very carefully considered.

Transitions Wealth Strategies can help you avoid the pitfalls. We will assist you with a rational approach to the choice of a Trustee so that it is not just an emotional decision. At times, we act as a Co-Trustee or Advisor to the Trustee in an official capacity to guide and assist your selected family member Trustee. In any event, we are there to guide the Caregiver as they make this very important decision.

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