Modern trust drafting and planning is changing how irrevocable trusts should be planned, drafted, and administered, and how practitioners should advise clients. One of the significant ways in which trust drafting and planning is evolving, and the focus of this monograph, is in terms of the positions created in trust instruments, including:
– persons/positions to designate
Historically, the traditional trust had a trustee and beneficiaries. The modern trust may have four, five, or more fiduciary and non-fiduciary positions that might include: administrative trustee, distributions trustee, trust protector, investment advisor, loan director, charitable designator, person holding a power to add beneficiaries, persons holding powers of appointment, person holding the power to swap or substitute assets, and more.
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