[WSBAPT] nonprofit org as trustee?

[Kerry Richards]

Sharon:
Have your clients look into the Seattle Foundation.
Kerry A. Richards

Get Outlook for iOS<https://aka.ms/o0ukef>
________________________________
From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> on behalf of Sharon Rutberg <sharon at salmonbaylaw.com>
Sent: Tuesday, July 26, 2022 4:01:16 PM
To: wsbapt at lists.wsbarppt.com <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] nonprofit org as trustee?


Hi, friends –



Clients, a married couple, want to create a testamentary trust to receive assets when the second of them dies. The trust would hold assets intended for charitable purposes. They want to name a not-for-profit organization to serve as trustee, rather than a professional fiduciary (such as one of the Washington trust banks), to avoid having to pay trustee fees. Instead, they want the organization to receive a small portion of the trust assets each year as a donation in return for serving as trustee.



Has anyone seen this done before, and are there issues we should be aware of? I’m trying to figure out if this is a terrific idea or if it will create more pitfalls than it avoids. For example, the organization they are considering is located in Washington, D.C.   The trustee would be in charge of a trust subject to Washington law, but would not be a Washington entity. Does that create a problem?



Thanks for any guidance you can provide.



Sharon



Sharon C. Rutberg, Attorney at Law

Salmon Bay Law Group, PLLC

1734 NW Market St.

Seattle, WA 98107

206-735-3177, ext. 2

sharon at salmonbaylaw.com<mailto:sharon at salmonbaylaw.com>

Website: www.salmonbaylaw.com<http://www.salmonbaylaw.com/>

Washington State Bar #47055

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