locate an office

offices near you

office near you

How J.P. Morgan realigned a beneficiary’s expectations

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.  

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

Please enter a valid 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