Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 10-22-2017, 11:33 AM   #81
Thinks s/he gets paid by the post
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 4,067
Quote:
Originally Posted by brokrken View Post
You could let Vanguard or some other fiduciary be the executor.
No. Executor is a totally different thing than trustee. In the event a bank was named both as executor and trustee, the tasks would be handled by separate departments. I would be very surprised if VG, Schwab, or Fido would agree to be an estate executor for anyone. Early in this thread the OP seemed a bit uncertain on the two functions, but I think he's clear now.

Quote:
Originally Posted by rose View Post
If your niece inherits all or part of your estate and then died (i.e. car accident) your sister could still end up with your money, right? Unless the niece had a will. Also if your niece would die before she reached the age to inherit some portions of your money, would the balance in your estate go to the charities? It is complicated. I have similar issues so am following your thread with interest.
The OP is setting up a testamentary trust for the neice. In the trust, the grantor has total control and can specify in detail what happens if the beneficiary dies. He could give the trust assets to charity, or even put his sister in the neice's shoes as beneficiary. Really, it's not complicated with the guidance of a good trusts & estates attorney.

Probably unnecessary, but the trust could require that the niece have a will prior to receiving any disbursements.

Absent a trust, it's a mess. In addition to the risks you mention, there are others like bankruptcy, judgments, divorces, niece dying intestate with minor children, ... The list goes on and on.
__________________

OldShooter 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 Early-Retirement.org 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!

Reply

Tags
beneficiaries, beneficiary, dilemma, inheritance, trust


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
8 things Micheal Lewis wishes for Wall Street clifp FIRE and Money 0 12-17-2014 06:03 PM
Should I make my wishes known or just lay low? sheldon cornped FIRE and Money 31 03-22-2014 11:45 AM
Best wishes for 2013 ! obgyn65 Other topics 10 12-22-2012 08:34 PM
Easter Wishes Westernskies Other topics 5 04-02-2010 09:18 PM
Positive Wishes to All REWahoo Other topics 17 12-24-2005 08:19 PM

» Quick Links

 
All times are GMT -6. The time now is 03:48 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
×