locate an office

offices near you

office near you

How a corporate trustee helped preserve family harmony

Situation

Payton owns a successful e-commerce business. She’s a single mother of two who is very active in her children’s lives while also taking care of her elderly father. She is the trustee of two trusts established by her mother for her two siblings. Although she has no independent knowledge of trusts or investments, she has a good relationship with her J.P. Morgan team who guides her through her investment needs. 

Payton has tried to gather assets and figure out how to manage it all, but she worries that she may not be able to dedicate the time and attention needed for appropriate oversight. Payton also has a slightly strained relationship with her brothers, and their unhappiness over her being in charge of “their money” has added to her frustrations.   

Our Approach

Payton spoke with her J.P. Morgan team and expressed her concern over managing all the responsibilities. Her banker acknowledged that being a trustee is a great deal of work, and asked her if she would like to have a trust officer join an upcoming meeting. During the meeting, the trust officer explained all the administrative responsibilities including asset collection, management, discretionary distributions, tax reporting and beneficiary notification—as well as how J.P. Morgan could help. Bringing on J.P. Morgan as co-trustee or agent would ensure that Payton remained involved, as her mother wanted, while at the same time allowing J.P. Morgan to do the heavy lifting on the more technical aspects of trust administration and take the lead in evaluating distribution requests from her brothers.

Outcome

Payton was relieved that she could stay actively informed and participate in major trust decisions, while escaping the stress of handling the day-to-day administrative tasks. Having a neutral party serve as an intermediary with her brothers allowed their relationships to improve while still ensuring proper trust administration.   

Before you name a family member as a trustee, consider these questions:

  • Do you and your family member understand the impact that acting as a trustee can have?
  • Is your loved one on board with being legally responsible and personally liable?
  • Is your family member familiar enough with the financial assets to make or oversee financial investment decisions?
  • Does your family member have sufficient legal expertise to accurately interpret and understand your trust agreement in order to properly fulfill your wishes and your legacy?

Contact us to discuss how we can help you experience the full possibility of your wealth.

Please tell us about yourself, and our team will contact you. 

*Required Fields

Contact us to discuss how we can help you experience the full possibility of your wealth.

Please tell us about yourself, and our team will contact you. 

Enter your First Name

> or < are not allowed

Only 40 characters allowed

Enter your Last Name

> or < are not allowed

Only 40 characters allowed

Select your country of residence

Enter valid street address

> or < are not allowed

Only 150 characters allowed

Enter your city

> or < are not allowed

Only 35 characters allowed

Select your state

> or < are not allowed

Enter your ZIP code

Please Enter a valid Zip Code

> or < are not allowed

Only 10 characters allowed

Enter your postal code

Please Enter a valid Zip Code

> or < are not allowed

Only 10 characters allowed

Enter your phone number

Enter your phone number

Tell Us More About You

0/1000

Only 1000 characters allowed

> or < are not allowed

Checkbox is not selected

Important Information

All case studies are shown for illustrative purposes only, and are hypothetical. Any name referenced is fictional. Information is not a guarantee of future results.

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal and accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transaction.

LEARN MORE About Our Firm and Investment Professionals Through FINRA Brokercheck

 

To learn more about J.P. Morgan’s investment business, including our accounts, products and services, as well as our relationship with you, please review our J.P. Morgan Securities LLC Form CRS and Guide to Investment Services and Brokerage Products

 

JPMorgan Chase Bank, N.A. and its affiliates (collectively "JPMCB") offer investment products, which may include bank-managed accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC ("JPMS"), a member of FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

 

Please read the Legal Disclaimer for key important J.P. Morgan Private Bank information in conjunction with these pages.

INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED

Bank deposit products, such as checking, savings and bank lending and related services are offered by JPMorgan Chase Bank, N.A. Member FDIC.

Not a commitment to lend. All extensions of credit are subject to credit approval.

Equal Housing Lender Icon