September 2012

Ask a trust officer:

Travel trusts

DEAR TRUST OFFICER: I immigrated to this country from Norway as a child, and I have relatives there with whom I remain close. One of my children lives in Oslo now and may be settling there permanently. For the past several years, I’ve helped fund some family reunions. The get-togethers alternate between the U.S. and Oslo, and I help plan the trips and side tours. I also cover the cost of airfare. It’s been a great thing for cementing the bonds of the extended family. What I’m wondering is, can I add something to my will to keep this tradition going?—FAMILY TRAVELER

DEAR TRAVELER: I suggest that you consider an irrevocable trust in your will, with the express purpose of providing financial support for travel for your heirs. The trust will likely include other provisions related to the financial security of your heirs. The trustee can be given some discretion in these matters, but only within the parameters that you and your attorney set out in the trust agreement.

If you choose a corporate fiduciary, such as us, your trust will have the additional benefit of professional investment management. We are well-versed in all aspects of fulfilling fiduciary duties.

Do you have a question concerning wealth management or trusts? Send your inquiry to tormey@pgbank.com.

(September 2012)

© 2012 M.A. Co. All rights reserved.

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