Why Do I Want a Trust? Have You Seen Ratatouille Yet?

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Trusts aren’t just for those with many millions of dollars who want to create a funded legacy for their great-grandchildren – far from it!

(Spoiler warning) In the film, a chef and owner of one of Paris’ most popular restaurants leaves the restaurant to his assistant (sous chef) unless an heir is discovered within 2 years of his death in which case it would pass to the newly discovered heir. Obviously the assistant has no incentive to search for such an heir and, were one to be accidentally discovered, would have every incentive to wait for the time period given in the will to expire. Had Mr. Gusteau (the decedent) left his restaurant to a trust, his Trustee (who would hopefully be a disinterested individual) would have been responsible for running the business during the contingency period and passing it to the assistant only thereafter.

The movie would not have been as much fun but when it comes to your property and your family, drama is not what a responsible estate plan is seeking.

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