A fresh look for 2020

Over recent years, I’ve seen a change in the type of assistance I’ve been asked to get involved with for advisers and clients.  I’ve also noticed many problems may have been avoided with better planning and preparation at the front end. 

Often problems with trusts and estate plans are qualitative (i.e. relational), not quantitative (i.e. technical).  The solution has been about being able to get the estate plan, will or trust to practically work.  It’s not unusual to find clients confused or advisers frustrated when things go wrong.
 
Three areas I see which need to be strengthened are in how we prepare:

• clients to give well by clearly capturing their intentions
• trustees and fiduciaries to govern well
• heirs or beneficiaries to receive well

It's not uncommon to find existing people issues, or family dynamic challenges could have been intercepted and dealt with earlier.  Plans and trusts need to work when a transition occurs, or they get tested. 
 
Many of you know I enjoy working with clients and advisers to solve practical trust and estate planning problems.  While that will continue, the changing nature of my work has required me to rebrand.  
 
My new email address is lindsay@lindsaypope.com and you are welcome to access further resources and ways we can work together on my new website by clicking this link. 
 
I’ll continue to speak, write and consult on practical trustee and beneficiary best practices.  However, I'll compliment that thinking with ideas to create more purposeful legacies and prepare heirs. 

New Trusts Act 2019

The new Act was passed in July 2019 and becomes effective on 30 January 2021. 

Managing information obligations

One change to existing trustee practice under the Act will be an obligation on trustees to notify beneficiaries of basic trust information.  This practice seems to be causing some concern and over coming weeks I’ll share some practical suggestions to help trustees manage this obligation. 

White Paper for professional trustees

For trustee, legal and accounting firms considering (or grappling) on how to respond to the new trust legislation, you are welcome to email me for a copy of my white paper “In or out – Decision time for professional trust service providers”.    

Upcoming webinar for professional firms

For professional firms looking to reposition their trust service in response to the new Trusts Act 2019, I’ll be presenting a webinar Practical Trusteeship – Future-Proofing Professional Trust Services on Wednesday November 13 at 10.30 am.
 
What changes will you need to be thinking about to hit the ground running in 2020? 

As always, I welcome your feedback.

Regards
Lindsay Pope