My Son or a Professional Trustee Company (?)

I recently received an email from a client who had determined that, despite her wish to the contrary, neither her son nor her grandson would likely be able to competently perform as her contingent trustee for her estate plan.

This is typically a hard thing to admit and yet easier than the likely cost and difficulty of living with the “wrong” trustee in the last years of one’s life. Whether for us or someone we know of, this can be a prudent yet underutilized option. Please consider who you know that may be assuming a relative is their only choice when in fact it is not.

These Fees, do they start immediately or when I need them to perform as a second trustee?

The trust companies begin charging the fees only when they are performing their trustee duties.

They list doing things like Tax letters?  I have not needed one before? Charging extra fees for certain value of mutual funds, cash bearing accounts etc.  Some things sound like a duplication of what you do?

I do not perform any tax preparation tasks and as for investment management they would either perform the task or, in most of these cases, I would and their fees do not include investment management. No duplication or double paying for the same service in any case.

And what am I supposed to talk to my estate attorney about?  Should I ask him if he should be my second trustee?

I think it safe to universally advise against using any of your current professionals as a professional trustee unless they have a business and specific staff solely engaged in that enterprise. I have stayed out of it, despite other client requests, because of what I believe the talent commitment would be to that effort. Perhaps we will be there in the future. Perhaps you ask your estate attorney for a recommendation of a professional trust co. to use.

Thank you so much Mark.  Are all my beneficiary papers set up for my accounts that you manage? Roth IRA, Trust account?  I know I signed some but is everything ok?

I believe all is in order as you wish at this time. We did review all of your beneficiary designations late last year and will do so again later this year with you.

And of course we will be reviewing your beneficiaries and account titling annually if you are engaged with us as your financial planners and advisors.