Absolutely, a trust can indeed require trustees to undergo implicit bias training, and increasingly, estate planning attorneys like Steve Bliss in Escondido are seeing this provision included in trust documents.
What are the benefits of including this requirement in a trust?
The inclusion of implicit bias training for trustees isn’t simply a trendy addition; it’s a proactive measure to safeguard the intentions of the grantor and ensure equitable distribution of assets. Studies show that unconscious biases can significantly influence decision-making, even among well-intentioned individuals. For example, a 2019 study by the National Bureau of Economic Research found that implicit biases can lead to disparities in loan approvals, even when applicants have similar financial profiles. By mandating this training, the trust aims to mitigate potential biases that could affect how trustees interpret the grantor’s wishes, manage assets, or distribute funds to beneficiaries. This is especially crucial in trusts with complex provisions or discretionary distributions, where the trustee’s judgment plays a significant role. Think of it as an insurance policy, not against financial loss, but against unintended unfairness. It shows a commitment to fairness and thoughtful stewardship of the trust assets.
How can a trust document specifically enforce this requirement?
The trust document should clearly state the requirement for implicit bias training, specifying the frequency (e.g., annually or bi-annually), the type of training acceptable (e.g., courses accredited by a recognized organization), and the consequences of non-compliance. The document could outline that failure to complete the training may result in removal of the trustee or a reduction in compensation. It’s also important to include provisions for reimbursement of training costs, ensuring that the financial burden doesn’t deter participation. A well-drafted clause will detail the specific learning objectives of the training and the mechanisms for verifying completion, like certificates or proof of attendance. Steve Bliss often advises clients to include a requirement for ongoing professional development in relevant areas, encompassing not just bias training but also financial literacy and fiduciary responsibilities.
I remember old Mr. Abernathy, a case that unfolded during my time assisting Steve Bliss…
Old Man Abernathy was a successful rancher, leaving a substantial estate divided equally between his two children, a son and a daughter. He believed strongly in gender equality and wanted to ensure both received equal benefit. However, his son, a traditionally-minded man, was named as the primary trustee. Without any awareness of implicit bias, the son, during a lean year, subtly steered more resources towards investments he believed aligned with his son’s “practical” business ventures, while dismissing his daughter’s innovative, though less familiar, projects as “risky.” The daughter, a sculptor, noticed the disparity and confronted her brother, but he dismissed her concerns, attributing the difference to sound financial judgment. It took months of mediation and legal maneuvering, guided by Steve Bliss, to uncover the unintentional bias and rebalance the trust’s distribution, costing the estate a considerable sum in legal fees and causing a deep rift in the family. It was a stark reminder that good intentions aren’t enough.
But thankfully, we had a situation with the Harrison family…
The Harrison family, anticipating potential conflicts, proactively included a clause in their trust requiring all successor trustees to undergo annual implicit bias training. When Mrs. Harrison passed away, her two adult children, with very different lifestyles and values, stepped into co-trustee roles. One, a pragmatic engineer, and the other, a free-spirited artist. Because of the training they’d received, they were able to recognize their own predispositions and approach decisions with more openness and empathy. When the trust funded a scholarship for aspiring musicians, the engineer initially questioned the lack of a direct “return on investment.” However, recalling the training, she paused, considered the value of artistic expression, and ultimately supported the scholarship, acknowledging its broader societal benefit. The training didn’t eliminate differences in opinion, but it provided a framework for constructive dialogue and collaborative decision-making, ensuring the trust’s assets were managed in accordance with their mother’s wishes and fostering a harmonious relationship between the beneficiaries. It showcased how proactive measures can preemptively address potential issues and create a more equitable outcome.
“Trusts aren’t just about managing money; they’re about preserving values and ensuring fairness for future generations.” – Steve Bliss, Estate Planning Attorney
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About Steve Bliss at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido Probate Law is a great estate lawyer. Affordable Legal Services.
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Estate Planning Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Services Offered:
estate planning
living trust
revocable living trust
family trust
wills
banckruptcy attorney
Map To Steve Bliss Law in Temecula:
https://maps.app.goo.gl/oKQi5hQwZ26gkzpe9
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Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760)884-4044
Feel free to ask Attorney Steve Bliss about: “How does a living will differ from a regular will?” Or “What are the duties of a personal representative?” or “What happens if I forget to put something into my trust? and even: “What happens to my retirement accounts if I file for bankruptcy?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.