Trusts are often used for tax efficient wealth transfer and liability protection. In exchange for these benefits, however, trusts create certain obligations. Rooted in ancient times, the rules governing trusts are not always intuitive. Understanding their genesis can help us better understand the roles and responsibilities they create and how to apply them apply in a modern context. Whether you are a trustee, beneficiary or thinking of creating a trust, understanding the basics of how a trusts is created and the roles and responsibilities that result, is critical to their success. Join us in this session as we explore a brief history of trusts, the various roles and corresponding responsibilities they create, common generational perspectives that may complicate these roles and some of the flexibility that modern trust statues afford us to better tailor trusts for today’s non-traditional circumstances.
Amy E. Szostak — Northern Trust Company