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This month's newsletter focuses on trusts and trustees in relation to families and family businesses. While trusts may seem like a formality best handled by attorneys, nearly 86% of transferred wealth flows through a trust. Meaning if you are inheriting or passing down wealth, it is essential to understand the significance and responsibilities of your trusts. The following resources discuss the ins and outs of trust basics as well as the importance of strong relationships and communication between trustees and beneficiaries. The next generation is set to inherit trillions, so get ahead of the curve and educate yourself on what is to come. Do not miss out on Tamarind Learning's free Wealth Workbook resource below!
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Our in-house podcast features an interview with a highly credentialed trust law professor. We discuss his insights on types of trusts, the role of trustees and the legal requirements for a valid trust. |
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Podcast Series: Trusts and Trustees 101
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In this episode of our in-house podcast, host Cindy Radu introduces special guest Professor Albert Oosterhoff, a leading authority on trusts in Canada. They discuss the basics of trusts, including the different types of trusts, the fiduciary role of trustees, the nature of a trust as a legal entity, and the requirements for creating a valid trust. Oosterhoff emphasizes the importance of property transfer and the formalities involved in establishing a trust. Don't miss it!
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Helpful Tips for Establishing Effective Relationships with Trust Beneficiaries |
Check out this article that highlights four different strategies for establishing effective relationships with trust beneficiaries. One, begin relationship-building as early as possible. Two, find common ground. Three, incorporate the beneficiary's goals and preferences. Four, explain the rules and set clear boundaries. Read on to get the details.
Read More >>
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Trustees Must Build Rapport with Younger Beneficiaries |
This article explains the importance of trustees in family businesses building strong rapport with younger beneficiaries. It emphasizes the need for trustees to understand the values, aspirations, and goals of the younger generation to effectively engage them in the family business and wealth management. Outlined are varies strategies for trustees to build rapport, including mentorship, education, involving beneficiaries in decision-making processes, and fostering open communication.
Read More >>
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Six Tips When a Family Member Asks you to 'Step Up' as a Trustee |
Check out this article that dives into the duties of an estate trustee. It explains that an estate trustee has a legal obligation to keep accurate records of all transactions, including financial activities and distributions made to beneficiaries. It also emphasizes the significance of communication, collaboration, and seeking professional advice to navigate the complexities of being an effective trustee. Read More >>
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What Should Trustees Know About the Corporate Transparency Act (CTA)
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This resource emphasizes important trustee considerations that must be made regarding the administration of trusts. They need to understand the terms of the trust document and act in accordance with its provisions in order to avoid penalties and stress. The trustee also has a duty to remain loyal, avoid conflicts of interest, and make decisions in the best interest of the beneficiaries. Read on to learn more! |
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10th Annual Family Wealth Report Awards
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We are incredibly humbled to be the recipient of the Family Office Management Consultancy Award at the 10th Annual Family Office Management Consultancy Awards. We want to thank our amazing team, the amazing clients that make our work so rewarding, the Clearview Financial Media team, and the FWR 2023 judges who selected us!
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For Advisors and Beneficiaries that
wish to build clarity on their relationship with wealth, identify areas for
growth, and establish an action plan for achieving their learning
goals.
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Brought to you by Tamarind Learning
Editorial
Mission:
To provide monthly news, education, and professional guidance that help
families, advisors, and trustees become extraordinary stewards of wealth. |
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