Solutions
Self-determination is at the very heart of our conception of freedom. We want to choose where we live, what we eat, how we dress. We also yearn for a sliver of immortality – to live on in the memories of others; to contribute to the betterment of humanity (whether at the family, community, national, or global level) beyond our physical life spans. And, we want continuity: The smooth transition from our personal oversight to that of another without avoidable stress and disruption. We can accomplish both with appropriate planning, resources, and support. The Conservatory may be the complete solution.
The Conservatory’s on-staff Accredited Estate Planner can assist in the planning process – fleshing out your vision, exploring available options, and preparing for your visit with an estate-planning attorney for document drafting.
Most folks we meet control the organization and oversight of their lives during periods of incapacity and following death through a trust document. Trusts can dictate how our finances are controlled, who holds and protects our assets, who manages those assets, and who stands in for us in approving expenditures. On paper, they come as close to the perfect solution as we can practically hope for. In reality, unfortunately, few live up to their full potential. It is not a flaw in the language of the document, but inadequate provision for the performance of the trust. Careful selection of the following participants is crucial:
The Administrative Trustee is responsible or the safekeeping of assets, and the preparation of legally required tax and financial reporting. In recent years, regulated trust companies specializing in this function have formed. They do not manage assets, so their focus is on service rather than asset gathering. The Conservatory often suggests use of these firms in place of family members due to the burdensome responsibilities involved, and to avoid conflict between a family member trustee and beneficiaries. We can recommend appropriate firms, and coordinate their activities with those of the other players on your ‘team.’
The Financial Advisor to the trust is responsible for determining what investment strategies are appropriate to achieve your objectives, and for selecting, monitoring, and coordinating the activities of the investment manager with the rest of your team. The Conservatory performs this function for its Lifestyle Guardian Members, and can serve as the investment manager as well.
The Trust Protector advises the Administrative Trustee as to how assets in the trust are expended or distributed. They are close enough to you to be completely familiar with your preferences and intentions; and close enough to your beneficiaries to be able to make wise judgments as to how the trust can optimally benefit them. They are entrusted with the authority to replace either the Administrative Trustee or the Financial Advisor should the performance of either prove unsatisfactory. It is important that this entity or individual be intimately familiar with both your finances and your intentions BEFORE they are called upon to serve. Members of the Conservatory enjoy just such a relationship with their Wealth Consultant, and we are available to serve in this role.
Of course, circumstances, assets, and people change – requiring continued monitoring of both the instructions outlined in the trust, and the entities and individuals appointed to carry them out. This can be accomplished through automatic scheduling within your Conservatory Membership.
As perfect a solution as a trust may be, it cannot accomplish the contents on paper without the right team on the ground. Let your membership in the Conservatory work to create a complete solution for you.