TRUSTSCAPE
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Coined by Hartley Goldstone, author of Family Trusts, A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators, a Trustscape is a subsystem of a larger family system. The Trustscape is populated by all those touched by trusts - the trust creator, the beneficiaries, the trustee, a trust protector, and a trust committee, and each of the cadres of legal, financial, accounting, and other advisors.
Summary
A Trustscape is like a family tree or ecosystem, but specifically for trusts. It represents all the people and professionals who are connected to or affected by a family trust system. Think of it as mapping out everyone who has a role in how a trust operates - from the person who created it, to those who benefit from it, to all the professionals who help manage it. This concept helps us understand that trusts don't exist in isolation but are part of a complex web of relationships and responsibilities within a family system.
Usage Context
Understanding Trustscapes is crucial when studying trust administration, family wealth management, and the complex relationships that govern how trusts operate in practice. It's particularly important when analyzing case studies involving trust disputes or when learning about the various roles and responsibilities within trust structures.
Common Confusions
- Thinking the Trustscape only includes family members (it also includes professional advisors)
- Confusing the Trustscape with the trust document itself
- Believing that all people in a Trustscape have equal power or influence
- Assuming the Trustscape remains static over time
- Thinking that geographic distance excludes someone from the Trustscape
