What is a changeable confidence?

A Changeable Confidence is a document formed during an individual’s lifetime to handle his or her assets and distribute the remaining assets after the individual’s death. The “Provider” or “Mastermind” is the individual who formed the Confidence and the “Administrator” is the person responsible for administering the Confidence. The Provider can serve as Administrator, or may appoint another person, bank or confidence company to serve as the Administrator. The confidence is “changeable” since the Provider may modify or cancel the confidence during his or her lifetime.
The Administrator manages the assets of the confidence by making investment decisions, maintaining brokerage and other financial accounts, loaning or borrowing funds, retaining, acquiring, or selling real or personal property, hiring legal advisers, accountants, investment counsel or other representatives, and in any other manner as provided under the confidence agreement or state law. Generally, the Administrator does not have to keep all of the beneficiaries informed of the confidence, only the Provider (if the Provider is not the Administrator or co-Administrator).