First and most importantly
, it is nice to see this development!
Obviously you can run your own business however you see fit. Here are a few suggestions for improvement, any or all of which you might already have in mind. If you are not interested, perhaps this list suggests a niche or two for pilots to launch other Trust Administration operations:
Make this service available to all pilots, not just those who are retiring
- make this service available to all pilots;
- allow a Trust's Settlor to be amongst its Beneficiaries;
- make BIG's default role more clearly that of a Trustee;
- remove the activity requirement for Beneficiaries; and
- require unanimous agreement of Beneficiaries to liquidate capital assets.
Originally by: TornSoul
'Can/would you do this for me?' I'd like to keep as close to that simple promise/idea as possible, so that it's truly his last will that unfolds (both with the BPOs he left behind, and with the idea itself).
Why does a pilot have to retire to establish a Trust?
The key elements of a real-life trust are often termed 'three certainties': (a) what are the Assets, (b) the Settlor's intent to form a Trust, and (c) who are the Beneficiaries. Of course, to actually form the Trust, the Assets have to be handed over to a Trustee who has accepted the role.
This can all be done regardless of whether or not the Pilot retires.
For clarity, to preclude possible disputes, these key terms of a Trust might be made public (e.g., on these forums) or disclosed to an independent trusted party who can act as a registrar. E.g., EBANK might privately keep a copy of the details of the trust that X sets up, and if some pilot claims to be a Beneficiary who is not getting paid properly by BIG, this could be checked, independent of both that claimant and the Trustee.Allow a Trust's Settlor to be amongst its Beneficiaries
As in real life, a Settlor could be a Beneficiary for the same trust. (In real life, for practical/tax reasons, a Settlor is rarely the sole Beneficiary of a Trust that he or she capitalizes, but being one of the Beneficiaries is not unusual.)
There is no reason that Trusts in New Eden must
be like those in real life, but this is an opportunity to expand the Trust Administration business is a way that is helpful to a new class of Pilots: active.Make BIG's default role solely that of a Trust Administrator
As currently described, BIG as Trustee looks in some ways like a Beneficiary with a 20% share.
The essential core of BIG's offering seems to be Trust Administration services, so why not just set a Trust Administration Fee of 20% of the net monthly proceeds (or whatever rate with a flat floor)?
If a Settlor wants to, he or she might also
name BIG amongst a Trust's beneficiaries.Remove the activity requirement for Beneficiaries
Originally by: TornSoul
If someone unsubs for a several months without letting us know, they do run the risk of being declared as having abandoned their share. [...] It's hard to set up a hard rule for this.
It is easy to draft
such a rule; what is hard is to justify
for such a rule.
There should be no hardship in paying ISK into the wallets of inactive Pilots, so long as the Trust Administration fee is fair. If 20% isn't enough to cover this effort, make it more.
Pilots have been flying around New Eden for years. Why make it harder to take a sabbatical?Require unanimous agreement of Beneficiaries to liquidate capital assets
Generally, the Beneficiaries should exercise any discretion in the wind up of a Trust, not the Trustee. They should be able to claim for themselves the assets.If
a Settlor wants to prevent this, he or she could make him- or herself (or BIG) one of the Beneficiaries, forestalling unanimity.