"In setting my earthly house in order I find it of moment that I should attend in person to one or two matters which men in my position have long had the habit of leaving wholly to others, with consequences often most regrettable."

Twain, Mark. The $30,000 Bequest, Etc. New York and London: Harper & Brothers Publishers, 1872, p. 292-293

Holistic investment advice is not simply managing an investment portfolio. We consider estate planning a major part of financial health. While not lawyers, we have years of experience advising clients on what we believe are key estate planning tools.

We have found that the best way to protect assets for the future, whether it be 3 years or 30 years hence, is to put those assets into a Revocable Trust. You maintain complete control over your assets and actually have more opportunity to meet your own needs as well as those you care about. You can amend or revoke such a document at any time, there is no need for a separate tax return, you have someone in place to manage your affairs if you cannot, and you save substantial estate settlement costs. Most importantly, the size of your estate and your wishes for its disposition remain totally private.

Massachusetts has been in the forefront of the development and management of family assets in Trust. But, and it is a big but, banks and lawyers have become more dominant in the Trustee role while being sometimes less astute investors. They tend to be less willing to pay close attention to the changing needs of individuals and families while creating complex documents focused on saving estate taxes and generating fees. True, minimizing taxes is an important part of one’s estate planning, but not to the exclusion of caring for beneficiaries and being proven, perceptive investors.

If we have demonstrated successful investment results, there is a natural evolution over time from investment advisor to Trustee. At Lowell Blake, we participate fully with a client in shaping the best plan. We work closely with an estate planning lawyer who prepares the documents.

It is emotionally draining to address Wills and Trusts as they force us to accept our mortality, which is why we urge clients to create these documents in their 40’s rather than their 70’s. When you sign your will, often you think that everything is in good order for when you are gone. This is not the case, however, unless you have created and funded a Revocable Trust. Without this your assets (estate) are public record and the probate courts can get involved, considering the merits of demands made by any and all parties. Often the court reopens issues again and again and each time can be an emotionally wrenching and expensive process. Having the Revocable Trust “up and running” shortens or eliminates delays in distributing an estate.

Trustees

We recommend that there are always three appointed; no more/no less. One should be the grantor (you), one could be a family member or trusted friend, and one should be an independent, accomplished investment person. No trustee should have a lifetime appointment, but care should be given as to the reasons beneficiaries may remove a Trustee.

How

There are many ways that complementary Trusts can be incorporated into your plans, and we are enthusiastic about many of these instruments IF they enhance you and your family’s quality of life as well as financial security.