<#if page.ID == "About"> In This Section
<#else> View Our Practice Areas

Trustee Needs to Be ... Trustworthy!

Even if you are confident of the strength of your trust, things can go wrong.

Even though multimillionaire Stanley Smith did all the right things in creating his estate plan, it turned out his trust wasn't foolproof, according to CNBC in "The American Greed Report: How to control your money even after you die."

Smith donated to charity and created a trust with assets of $100 million that was to be invested for the benefit of his wife.

To make sure a trustee would not act in his or her own interests instead of Smith's wife's interests, Smith appointed three co-trustees. This trust should have been about as foolproof as a trust could be.

However, Mark Avery, who was one of the trustees took half of the assets in the trust and invested them in a security company. He claims this was for the benefit of Smith's wife. However, Avery was building a private army and navy, according to the report.

Avery was caught and is currently in federal prison serving an 11 year sentence.

Even when everything is done right in creating a trust, things can still go very wrong.

What this means is that you need to be very careful when it comes to the party or parties you appoint to be the trustee of your trust.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Find Out The Difference That Experience And Expertise Makes

Get the peace of mind that you deserve. First, attend a seminar. This will entitle you to a free initial consultation and a discounted estate planning fee. To learn more about our services or sign up for a seminar, contact us online or call us at 866-402-1805. We have offices in Torrance, Orange, Newport Beach, Pasadena and Woodland Hills.

Questions? Contact Us.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Call Now For A Free Consultation: 866-402-1805
  • ${site.data.firmName}${SEMFirmNameAlt}
  • Main Office: Torrance

    Torrance Office
    990 West 190th Street
    Suite 500
    Torrance, CA 90502

    Toll Free: 866-402-1805
    Map & Directions

    Orange Office
    333 City Boulevard West
    17th Floor
    Orange, CA 92660

    Toll Free: 866-402-1805
    Map & Directions

    Newport Beach Office
    5000 Birch Street
    Suite 8000
    Newport Beach, CA 92660

    Toll Free: 866-402-1805
    Map & Directions

    Pasadena Office
    790 East Colorado Boulevard
    9th Floor
    Pasadena, CA 91101

    Toll Free: 866-402-1805
    Map & Directions

    Woodland Hills Office
    5850 Canoga Avenue
    4th Floor
    Woodland Hills, CA 91367

    Toll Free: 866-402-1805
    Map & Directions

    Office map