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Midwest Chapter Event
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Midwest Chapter Event

Selection and Training of Trustees and Trust Protectors

When: Thursday, October 30, 2014
From 5 PM to 7:30 PM
Where: Drinker Biddle & Reath LLP
191 N. Wacker Drive
Suite 3700
Chicago, IL  60606
United States
Contact: Midwest Chapter of FFI
617-482-3045 x27

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Selection and Training of Trustees and Trust Protectors


As one of the presenters puts it, there are three main questions an estate plan must answer:  "Who gets what?” "How and when do they get it?” and "Who’s In Charge?”  That final question is as important as the others, because making a good choice can help ensure the trust is administered as it was meant to be, while enhancing  the lives of the beneficiaries.  In contrast, making a poor choice of fiduciaries could mean that beneficiaries don’t receive what they were supposed to, when and how they were supposed to.  A poor choice can also aggravate seething family dynamics or contribute to the dreaded trust-baby syndrome.


Choosing the right trustees can be a challenge for an individual or couple, even when they are assisted by able advisors.  Possible candidates for serving as fiduciary include institutional fiduciaries (banks and trust companies), individual professionals (attorneys, accountants, professional trustees), and individual non-professionals (often friends or family).  For those individual non-professional trustees, some basic training on duties, responsibilities, tools, and techniques may be necessary or at least helpful, but the principals who name them often have nowhere to turn for that education and training.


The presenters will offer their perspectives on selection and training of trustees and trust protectors (with some discussion of other fiduciary roles as well), including a review of a recent survey on how planners and their clients typically select and train fiduciaries.



 Featured Speakers:


Daniel P. Felix,  


Daniel P. Felix is an attorney who practices as The Professional Trustee.  Dan coaches and advises families and trust fiduciaries and also serves as fiduciary for family trusts – including as trustee or trust protector.  Dan is the founder and president of the Chicago Trustee Collaboratory, a study group organized with the goal of helping families flourish in the trustscape. 



 Michael D. Whitty  


Michael D. Whitty concentrates his practice in estate planning, taxation, and estate and trust administration.  Mike represents business owners, principals of venture capital and private equity funds, key executives, investors, and other high-net-worth individuals in planning for the preservation and transfer of their wealth.  Mike is a fellow with the Family Firm Institute and has received its certifications in Family Wealth Advising and Family Business Advising.


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