Pub. 14 2017 Issue 3

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S Issue 3 • 2017 11 NO GOOD DEED GOES UNPUNISHED - The Compelling Case for a Corporate Trustee By Elizabeth Medina, JD, Trust Officer, and John Attwood, Trust Officer and Business Development, Zia Trust, Inc. F inancial industry professionals have no doubt received the missive to encourage their clients to put an estate plan in place in case the unexpected happens. The discussion is never an easy one, but raising the issue of what would happen in the event of unexpected disability or death and nudging clients to finally take action to address that eventuality is something advisors can do to add value to the relationship and potentially protect the client, their family, and the financial professional from the chaos that can ensue when life takes an unexpected turn. We are all at least vaguely familiar with the list of essential estate planning documents…Healthcare POAs, Advanced Di- rectives, Financial POAs, Wills and Revocable Trusts. And we know that engaging a qualified estate planning attorney to draft a plan is essential. But sometimes the hardest part of putting a plan in place is deciding the who? Who is best suited to handle the investment account, 401K, personal residence and business interests? Who would be Guardian for minor children? Most people list their spouse as their "first in line" to handle medical, end of life and financial decisions for them in the event they become incapacitated or pass away. But what if you’re not married? What if you're in a second marriage and you and your spouse each have children from previous marriages. What if your spouse has no experience in financial decisionmaking?What is the relationship like between your spouse and your children? Could a former spouse cause problems or disruption after you’re gone? What if something happens to both you and your spouse? Are your adult children ready to step up to the plate? Would all of this be just too much for your loved ones to handle as they try to put their lives back together? Addressing the question of “who?” can sometimes be themost anxiety-producing aspect of the “getting your affairs in order” process. The realization that perhaps there is no one who you would feel comfortable putting in that position can stall the process and lead anyone to put the decision once again on the back burner. Sometimes a surviving spouse is the perfect person to take on the task. Maybe he or she is qualified and knew you and your wishes best. But more often than not, strained family relationships, blended families, financial stress, and plain old lack of time can mean that even the surviving spouse may not be up to the task. Or perhaps there is no surviving spouse. Fi- nancial professionals looking to contribute ideas and solutions to the conversation should be aware of the option of a professional fiduciary and be able to describe for clients some of the benefits to including one in the lineup. Oscar Wilde once said “no good deed goes unpunished". Translated, beneficial actions often go unappreciated or are met with outright hostility. Maybe you’ve experienced this when given the assignment of taking care of someone else’s financial matters. Clients preparing wills or trusts should think about fam- ily dynamics and be realistic about how their absence will impact those dynamics. Stepparent – stepchild relationships are notori- ously tricky to begin with. Suddenly placing control over a child’s funds in the hands of a stepparent can stress that relationship even more. Even if there is a friendly familial relationship and n No Good Deed Goes Unpunished  continued on page 12