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Estate Question
Old 10-05-2004, 05:12 PM   #1
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Estate Question

I am sure many of you have already crossed this bridge. This is primarily directed at those of you who have children.

When you set up a will, did you list a person or a Financial Institution as the "Custodian" to manage financial assets that would be left to your minor children in the unlikely death of both parents?

This would be the person or instituation that would manage the portfolio until the kid's turn 21 or so.

Does Vanguard offer such services? Thanks..

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We don't trust the trust companies...
Old 10-05-2004, 06:45 PM   #2
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We don't trust the trust companies...

... luckily we have a brother-in-law-the-CPA as the kid's guardian & trustee.

I would say that for now Vanguard is the LAST company you want serving as trustee of anything. Read about Doris Haven's complaint in the FundAlarm archives here:


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Re: Estate Question
Old 10-05-2004, 08:21 PM   #3
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Re: Estate Question

Our children are now grown so I haven't had to think about this for a couple years.

We did not designate a financial institution to manage the investment assets for our children. [I have met several bank trustees. As nice as they are as individuals I would rather empower my teenage nephew after a two week investment course.] Although our attorney recommended that the responsibility for looking after the children and the assets be one in the same we differed - child raising and cash management skills are vastly different. We designated a guardian for the children who was authorized to make decisions about their care, not necessarily care for them.

The person designated to look after the $ was the best money manager. Then we appointed a third person to act as tie-breaker/mediator to settle any disputes between the kids need for resources and the resource manager. Then we re-visited these designations every couple years. Don't overlook successors or a process of selecting successors in your absence.

Thank GOD we didn't need to use these provisions. May you never need to use any of the above.

BTW, make sure you execute health care directives and medical POAs.

Duck bjorn.
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