The OP has a situation that somewhat mirrors our requirement for having someone else other than a friend or family member dispose of our terminal assets.
In our case, we also have the additional need to re-direct/control those assets into long-term support for our disabled son.
We approached the
challenge in the following manner:
- Our (elder law) attorney (actually his firm, since we cannot depend on a single person) has documents outlining the sale and disposition of our real/personal property, along with transferring assets to an existing SNT (Special Needs Trust). BTW, our elder law attorney has seen this situation dozens of times over his long career. You would be surprised to know the great number of folks that do not have friends/relatives willing or able to take over this responsibility. Not all lawyers can do this work; we interviewed a few until we came up with somebody who knew and understood our personal needs, based upon his long association with similar cases/circumstances. Remember, the first meeting with a lawyer (usually about an hour) does not cost you a cent. If it does? I would say bypass them. You only start to pay once you find somebody or a practice that can meet your needs and you feel comfortable with them.
- The SNT is managed by a local investment firm and is responsible for also distribution of funds to support the services that our son needs (such as personal care contractors) on an on-going basis, along with the responsibility of investment of those funds using the "Prudent Man Rule":
Prudent man rule - Wikipedia, the free encyclopedia
It should be noted that both our attorney and investment firm are members of the NAEPC and work together in a local council to provide services. An overview can been seen at:
National Association Of Estate Planners & Councils - NAEPC
- The third component is having the SNT overseen by a commercial trust manager. For us, it is The Private Trust Company:
The Private Trust Company - About PTC
which is responsible for oversight of the trust. Rather than writing about it, here's their wording on the subject:
"The Private Trust Company does not provide day-to-day investment management for trust assets. Instead, PTC allows clients to delegate money management services or maintain their relationship with their financial advisors for investment management. PTC serves in an administrative corporate trustee role, providing all record keeping, accounting and tax preparation; also, PTC ensures that trusts are managed and distributions occur according to the terms of the trust document."
Information on this company can be found at:
The Private Trust Company - About PTC
Since our situation is unique (e.g. complicated) and we don't have anybody in our "circle" to help out, this is the method we chose (at the current time) to take care of things, assuming we both pass tomorrow.
It also allows for the "separation of duties" that one (regardless of situation) might run into with an executor (especially a family member) who might only be looking out for their best interests.
Our solution isn't cheap, but then again it's not only about money for us.