The Guidebook to Best Practices for Family Trustees
Attention family trustees! Are you managing a trust to help fund a child’s education? Are you the trustee for your mom’s trust fund, working to make sure she gets her bills paid? Your work as a trustee is incredibly important, but it’s a part time job without any on-the-job training! How do you learn how to do a job when there is no one there to teach you?
Trustee University is a readable, accessible guide for family trustees, teaching you how to manage your trust without all the legalese!
Trustee University covers everything a family trustee needs to know to effectively manage a trust fund. Whether it’s a beneficiary’s question about what his trust can pay for or an accountant’s questions about trust expenses, Trustee University guides you towards being the trustee you need to be.
Author Philip J. Ruce, an attorney and former professional trustee, walks you through trust basics using easy-to-understand examples and diagrams. From the basic question of “what is a trust?” to the complexities of a trustee’s legal duties, Trustee University teaches you everything you need to know about managing a trust fund. Trustee University is packed with all the information you need, such as:
- What you need to ask every time a distribution is made to a beneficiary;
- What you need to know about every tax, investment, or legal professional who works on the trust;
- The legal duties every trustee must follow;
- Common problems and how to spot them before they cause trouble;
- Free forms to help you set expectations with the trust beneficiaries so your family relationships remain strong.
Trusts can do amazing things! They can help a child afford a college education, allow a surviving spouse to afford expensive medications, and even protect family property from creditors. But a trust is only as good as its trustee! You manage the money and you call the shots. But what happens when you have questions? Where can you turn? Trustee University was written to help you become a great trustee.
Be effective. Learn how to communicate with beneficiaries. Understand your legal duties. Download a free chapter of Trustee University and take the first step towards being the trustee you need to be.
Biography – Philip J. Ruce
Philip Ruce is an attorney who specializes in trust and estate planning. Philip received his law degree from William Mitchell College of Law in St. Paul, and his Master’s of Law (LL.M.) in Wealth Management Law from Thomas Jefferson School of Law in San Diego, where he currently works as an adjunct professor for distance learning students. Philip’s research on trustee and fiduciary duties has been published at universities around the country, including Gonzaga University, Quinnipiac University, Drake University, and South Texas University, as well as the American Bar Association’s legal journal for trust and probate law. His paper on trust protectors was recently cited in a federal court case involving the use of trusts for financial fraud.