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Now comes the bigger problem: who are you going to choose for your successor trustee?
FORBES: Think Twice Before Becoming a Co-trustee of a Family Trust
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The successor Trustee, Fernandez, is basically just a puppet of Husband, and Husband exercises de facto control over the Trust.
FORBES: Quaid Redux: Original Settlor's Power To Revoke Protects Assets In Florida Trust
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But as the drafting of offshore trusts evolved, the Protectors were sometimes given additional powers, such as to appoint the successor Trustee if one was fired.
FORBES: Trust Protectors -- What They Are And Why Probably Every Trust Should Have One
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When you die, your heirs then become the beneficiary of the Trust, and whoever you have appointed as the successor Trustee in your trust document will become the acting Trustee.
FORBES: Trust Protectors -- What They Are And Why Probably Every Trust Should Have One
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Offshore trusts were increasingly drafted with provisions that gave the Protector broad discretion to terminate the existing Trustee, after which reference was to be made back to the original trust document to appoint the successor Trustee.
FORBES: Trust Protectors -- What They Are And Why Probably Every Trust Should Have One
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The agreement also provides that any heir, estate, trustee or permitted successor or assignee of Peretti will be bound by its terms.
FORBES: Tiffany and Elsa Peretti Extend Partnership For 20 Years