Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Estate Question
Old 10-05-2004, 05:12 PM   #1
Dryer sheet aficionado
Join Date: Sep 2003
Posts: 35
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..
Trace is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

We don't trust the trust companies...
Old 10-05-2004, 06:45 PM   #2
Moderator Emeritus
Nords's Avatar
Join Date: Dec 2002
Location: Oahu
Posts: 26,760
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:

Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on "The Military Guide to Financial Independence and Retirement."

I don't spend much time here— please send a PM.
Nords is offline   Reply With Quote
Re: Estate Question
Old 10-05-2004, 08:21 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 6,698
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.
Brat is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Question for the CPA’s and Financial Professionals? PsyopRanger FIRE and Money 10 07-05-2006 07:40 AM
Real Estate Bubble in D.C. - CBS News tonite.... Cut-Throat FIRE and Money 23 05-19-2005 01:44 PM
Shiller - "We now have a Real Estate Bubble"...... Cut-Throat FIRE and Money 29 04-11-2005 05:20 PM
Is it really worth buying a real estate? GTM Other topics 48 01-03-2005 04:25 PM
Yet another revocable living trust question. Nords Other topics 14 11-30-2004 02:45 PM

» Quick Links

All times are GMT -6. The time now is 09:42 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.