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How J.P. Morgan guided a beneficiary

Situation

Samuel is the trustee of a trust created by his deceased brother, and his niece Dani is the primary beneficiary. Dani is an artist and frequently asks for distributions from the trust. Due to some health issues, Dani believes her life expectancy is shorter than average and wishes to maximize her trust assets during her lifetime—particularly because she has no children, and the remainder beneficiaries are estranged family members. Samuel has had trouble keeping up with Dani’s requests, and the responsibilities have strained his relationship with his niece. Samuel considered resigning in favor of a corporate trustee, but Dani is concerned that giving authority to an institution will mean less money from the trust and a more onerous process. She has heard that corporate trustees are difficult to deal with and do not make frequent distributions, with most using distribution committees that may only meet once a month resulting in less timely decisions.

Our Approach

Samuel met with his J.P. Morgan banker and mentioned his ongoing struggles with his niece, sharing Dani’s concerns about corporate trustees. The banker arranged for Dani and Samuel to meet with a J.P. Morgan trust officer. The trust officer provided an overview of the streamlined process J.P. Morgan uses to review discretionary distribution requests, ensuring that decisions are made as quickly as possible, typically in just a few days.

Outcome

Both Samuel and Dani agreed that it made sense for J.P. Morgan to step in as successor trustee. Samuel was thankful to be able to become Dani’s uncle again, and through training provided by the trust officer, Dani was able to fully understand the rights and responsibilities of a trust beneficiary. 

IMPORTANT INFORMATION

This material is for information purposes only, and may inform you of certain products and services offered by private banking businesses, part of JPMorgan Chase & Co. ("JPM"). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations. Not all products and services are offered at all locations.

GENERAL RISKS & CONSIDERATIONS

Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g. equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan team.

NON-RELIANCE

Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.

Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g. equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan team.

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