When I used to think of trusts, I immediately thought of storied American families such as the Rockefellers, Vanderbilts, Morgans, Du Ponts, or Hearsts. But after working in the fiduciary field for over 20 years, I now understand that family trusts are a common and valuable estate planning tool—not just for the ultra-wealthy.
Beyond securing a family legacy or reducing tax obligations, there are many reasons to consider establishing a family trust as part of an estate or financial plan. Perhaps you have a disabled child who receives government benefits. Maybe your child is a spendthrift, financially inexperienced, or overly generous. Or perhaps you want to ensure that your hard-earned money is preserved for future generations. These are all common reasons people choose to create a trust, whether during their lifetime or as part of their estate plan.
At WE Trust Company, we have had the privilege of serving as trustees for many years.
We collaborate with financial advisors to invest trust assets and work closely with beneficiaries to achieve the best outcomes. Here are three examples of how we fulfill this role:
Billy’s Trust
Billy was born prematurely and with disabilities. While his parents provided love and support to help him achieve independence, they knew he would always need financial and emotional assistance. Though Billy could drive and hold a simple job, managing money was beyond his capabilities. His parents created a Special Needs Trust to ensure his future well-being.
When they passed away unexpectedly, WE Trust stepped in as trustee. We helped Billy find an apartment, ensured his rent and utilities were covered, and later facilitated the purchase of a home when he decided to move closer to family. If Billy needs funds for supplemental expenses, such as travel or a new car, he reaches out to us. We review the trust’s distribution rules and work with him to fulfill reasonable requests. Though he misses his parents, their foresight has allowed him to live a comfortable and independent life.
Sara’s Trust
At 50, following a stint in rehab for drug and alcohol issues, Sara realized she was not equipped to manage her finances. Despite receiving substantial dividends from a family business, money seemed to slip through her fingers due to her generosity and trusting nature. After consulting her attorney, family members, and financial advisor, she decided to place her assets in an irrevocable trust and appoint a trustee.
For the past six years, WE Trust has worked alongside Sara’s financial advisor, family, and attorneys to protect and manage her assets. As trustee, we resolved her outstanding debts, addressed tax issues, and shielded her from individuals looking to take advantage of her. Today, Sara has financial stability and peace of mind.
David’s Trust
David shared a close bond with his grandfather, who wanted to give him a financial advantage in life—whether for education, home-ownership, or starting a business. However, his grandfather also recognized the potential risks of receiving a large inheritance too early. To ensure David had time to mature and become financially responsible, he created a trust that would be funded upon his passing, with provision for the trust to terminate when David turned 35.
When David’s grandfather passed away at 85, David was 21, and WE Trust became trustee. We have maintained open communication with David, discussing his financial goals and the trust’s purpose. He has chosen to invest the funds for future growth, and we collaborate with an advisor to ensure this strategy aligns with his long-term objectives. As the trust termination date approaches, we will further involve him in advisory meetings to prepare him for managing this legacy independently.
These are just a few examples of how WE Trust Company serves families by acting as a responsible and dedicated trustee. Our goal is to provide stability, protection, and thoughtful management of trust assets while ensuring beneficiaries feel heard and supported. Whether safeguarding a loved one’s future, managing financial responsibility, or preserving a legacy, we are honored to be a trusted partner in the journey.