CDP Customer Stories: Three Heirs, with a Twist

When Marie walked into her local CDP office she was seeking assistance in creating a trust.  She and her husband have three grown children and two properties.  Marie wanted to make sure that if something should happen to her and her husband, the kids could take care of the properties and there will be no family squabbles or probate headaches.

All three children are successful and Marie wanted to ensure that each could be equally in charge of the administration and distribution of the estate when the time comes.  The children are good friends and get along well.  Marie wanted to keep it that way.

The twist was that the youngest son David is a co-owner of an LLC with the father and is also a co-owner of one of the two properties.

To address this issue, the decision was made to create an arrangement by which all children can serve as successor trustees and as co-agents under their parents’ powers of attorneys, but it will only require one signature to get things done.  Since everyone involved gets along well and works well together, they really appreciated the flexibility this arrangement provided.  Further, it was specified that 100% of the LLC and the co-owned property will go to David, while everything else they will be divided equally three ways amongst the sons.

Marie now enjoys the satisfaction of knowing that she won’t leave her children with potentially divisive issues to deal with after she and her husband are gone.  And her kids have that comfort as well.