When considering your estate planning, you will designate trustees to oversee your assets such as real property, bank accounts, stock accounts, or digital assets. If you have minor children, you will designate guardians over for your children.
But, what if you are a part owner or majority shareholder of a business? When considering your estate planning, you must also think about who you would like to take over your part in the business. This is when you appoint a special trustee.
A special trustee should be someone who understands the industry, the daily operations of the business including its purpose, accounting, and contacts. A Trust which appoints a special trustee over a business can have specific trustee powers designated just for the special trustee for the purpose of running the business.
When considering your estate planning and if you are the owner or part owner of a business, do not forget to appoint a special trustee over your interests in the business.
At Chauvel & Glatt, we provide comprehensive estate planning to protect you and your assets. To learn how our attorneys can help you, contact us today.