EP.75 INDIVIDUAL TRUSTEESHIP with MARGUERITE LORENZ

The 75th "Wealth Actually" Podcast . . . Wow . . . it seems like I just started this project a few months ago. It has been 4 and a half years since the first one . . . it's alarming how fast time flies. Hopefully, I have improved over time! This 75th recording is an industry specific interview, but it has wide ramifications. In getting up to speed on a different project, I stumbled across the book "Ethics for Trustees 2.0" by MARGUERITE LORENZ. Based in California, Marguerite is a Master Trustee and the Managing Partner of LORENZ PRIVATE TRUSTEES. https://www.amazon.com/Ethics-Trustees-2-0-Guide-Trustee/dp/172837278X/ Ethic for Trustees 2.0 is a quick and extremely informative read on the roles and responsibilities of a trustee and the establishment of good practices around decision-making that involves judgment and discretion. It also went into some detail about the California licensing component of individual trustees- something I knew little about. So in typical "me" fashion, I called up Marguerite to find out more about the book and her firm's unique practice. That led to her gracious appearance on the latest "Wealth, Actually" podcast. We covered: -Her unique background and the formation of her private trustee business. (It has its own unique succession story too!) -Marguerite's rationale and experience in writing the book -The Definitions of a Trust, their uses and some of the nomenclature -The Duties of a Trustee/Fiduciary- (many of which trustees aren't aware of)! -What makes a good trustee?  How does one deal with arguing beneficiaries? Tricky assets? -The Origin of CALIFORNIA LICENSING FOR PROFESSIONAL TRUSTEES (and why it may be important for normally exempted attorneys and CPAs to get licensed. -When does advice graduate from being to transactional to ongoing and how does it relate to administration of structures and discretionary decision-making? -Traps for the unwary trustee  -What functions or areas of trustee responsibility are good to ask for help? When do you bring in outside experts? -Useful Resources and Groups: INDEPENDENT TRUSTEE ALLIANCE ESTATE PLANNING GROUP NETWORK -How do we stay in touch? MARGUERITE LORENZ LINKEDIN LORENZ PRIVATE TRUSTEES (WEBSITE) MARGUERITE LORENZ TWITTER https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/