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Basic Estate Planning

How do trustees take over?

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William Conway
Law Offices of William Conway
www.conway-law.com  
703-448-7575

William A. Conway, J.D., in a professional career as a tax attorney, investment banker, and legal educator, serves his clients with both financial and legal counsel. A graduate of Georgetown University Law Center, he is a registered investment advisor and tax attorney included in both Who's Who in Finance and Industry and Who's Who in American Law. Mr. Conway is also a member of the bars of the Commonwealth of Virginia, District of Columbia, and the State of Maryland.

His practice is dedicated to building wealth enhancement strategies for his client families' estates and businesses, using far-reaching, advanced planning to achieve preserved wealth for generations. The firm's priority is our relationship with our client families and their personal, professional and estate goals.

Mr. Conway was an Adjunct Professor of tax law at George Mason University School of Law, where he taught law for five years and has lectured at Georgetown University Law Center. He annually teaches continuing education courses on estate planning and wealth preservation for attorneys, financial planners, and accountants.

A founding member of WealthCounsel, LLC , he serves as chairman of the Legacy Consulting Group and is a member of the National Academy of Elder Care Law Attorneys. In addition, Mr. Conway serves on the Greater McLean Chamber of Commerce and is President of the McLean Symphony, McLean, Virginia.

Invited for guest appearances on television programs such as "The Money Makers" on PBS, Mr. Conway also created and hosted the radio series, "Legacy," for many years on Washington Business Radio. You may now hear him on his new show, "Family Fortunes" on WTNT 570 AM Radio in the Washington Metro area each Saturday morning.

Generations, an updated companion book to the original "Legacy" radio show, is a 500+ page, hard-backed book, indexed by subject, and includes every aspect of estate planning.

How do trustees take over?

In this video series, William Conway explains the basics of estate planning.

This series: 35,653 views

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Host: How do trustees take over? Speaker: Well, the trust has instructions to basically set up an order of succession, and typically there will be a definition in the trust as to when some would be considered disabled or incapacitated, that definition is typically when, in the opinion of two physicians, or in the opinion of one physician and the person who maintains or holds the decision making power on someone s health care. When those two people have determined that the person who has made the trust is incapacitated, then the next trustee will take over. That circumstance becomes a much smoother transition than what otherwise might be expected under a power of attorney.

Going to a bank and simply presenting the letter from the trustee, the letter from the physician, the letter from the person who holds the health care power, indicating that the person who created the trust is not able to manage his or her affairs, is relatively simple process and banks and financial institution will simply add the successive trustees. It is a process and part akin to what happens in a company or a corporation when the company president is authorized to sign checks, or the company secretary or the treasury is authorized to sign checks, if there is a new treasurer appointed, then all the company has to do is present the bank with the authorization of the company s charter or 1:38 of the companies, by laws to indicate that the treasurer will then be the person signing the checks and an indication of a new person, whatever the name of that person might be, being a new treasurer of the company. So the transfer of the power to control assets in the circumstance of disability becomes a rather simple process.

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