The "In case of Death" plan

[denstl]

Has anyone looked into Vanguard's Trustee Service? Seems like a reasonable way to have a knowledgeable group handle executing a trust. 0.55% on first $5M for advising and trust services. The annual trust administration fee covers trust administration or consulting, principal and income accounting, tax preparation and filing, beneficiary communications, and related administrative services. Thinking my DW would appreciate that assistance and if we were both gone, a way to have the trust managed according to our wishes. I self manage our assets now but if I was not here or able to do so, probably need someone to assist my wife.

 

[gwraigty]

Has anyone looked into Vanguard's Trustee Service? Seems like a reasonable way to have a knowledgeable group handle executing a trust. 0.55% on first $5M for advising and trust services. The annual trust administration fee covers trust administration or consulting, principal and income accounting, tax preparation and filing, beneficiary communications, and related administrative services. Thinking my DW would appreciate that assistance and if we were both gone, a way to have the trust managed according to our wishes. I self manage our assets now but if I was not here or able to do so, probably need someone to assist my wife.

Disclaimer: I have no experience with trusts.

I'm biased against Vanguard because of experiences we've had that have shown them to be less than competent. That said, if someone needs or wants a lot of assistance, I'd think it better to choose a firm where you might have a local office nearby.

https://www.fidelity.com/managed-accounts/portfolio-advisory-service/personal-trust-services

https://www.schwab.com/public/schwab/investing/accounts_products/personal_trust_services

There may be other investment firms that have local offices. TDAmeritrade allows trusts, but their website didn't indicate whether they would provide an expansive level of trust services.

 

[kgtest]

Disclaimer: I have no experience with trusts.

I'm biased against Vanguard because of experiences we've had that have shown them to be less than competent. That said, if someone needs or wants a lot of assistance, I'd think it better to choose a firm where you might have a local office nearby.

https://www.fidelity.com/managed-accounts/portfolio-advisory-service/personal-trust-services

https://www.schwab.com/public/schwab/investing/accounts_products/personal_trust_services

There may be other investment firms that have local offices. TDAmeritrade allows trusts, but their website didn't indicate whether they would provide an expansive level of trust services.

Nice "feature". Best to supply codes to 1. Phone, 2. Accounts (FB, Email) that way MFA can be used to just login as the deceased, and then write that info in along with other will-related docs.

But that is a good option for someone to know when they write a will for sure. So I would state, if desired, Legacy Mode can be enabled and delegated to Mrs kgtest, or the account can be disabled or maintained using supplied logins.

Good to make note of any accounts that DO have MFA access in the will as well. Multi-Factor Authentication ie Text the phone to confirm you Are who you are, before login access is granted. Or click the email link before login is granted.

Great, now I need to add a note on Digital Posessions, including social media and other online accounts and portals.

 

[2177V]

Has anyone looked into Vanguard's Trustee Service? Seems like a reasonable way to have a knowledgeable group handle executing a trust. 0.55% on first $5M for advising and trust services. The annual trust administration fee covers trust administration or consulting, principal and income accounting, tax preparation and filing, beneficiary communications, and related administrative services. Thinking my DW would appreciate that assistance and if we were both gone, a way to have the trust managed according to our wishes. I self manage our assets now but if I was not here or able to do so, probably need someone to assist my wife.

0.55% times $5M = $27,500. Is this a one time fee or yearly fee? $5M is a lot of money to have a total stranger who may be out of state manage this money. Have you talked to Charles Schwab who may be local? Disclosure: My daughter works for Charles Schwab but I do have investments with Vanguard.

I always felt better to meet with the person or trustee directly and having a meeting in order to build trust. Usually, this happens over lunch which the potential trustee picks up the lunch tab. Asking the right questions and getting the right answers in person is much better than a phone call.

 

[Brat]

My DS's MIL has been having mini-strokes recently. Talking to SIL about end-of-life planning for her has not been something she is ready to discuss. We belong to Oregon Memorial Assn which has a contract with a local mortuary. In the next week or two, I will give them an envelope with 'in case of our death' that provides them with information about our plans and, perhaps, gives DIL something to consider.

All the estate stuff is in our files but the decision about what to do with our remains would be immediate.

 

[denstl]

0.55% times $5M = $27,500. Is this a one time fee or yearly fee? $5M is a lot of money to have a total stranger who may be out of state manage this money. Have you talked to Charles Schwab who may be local? Disclosure: My daughter works for Charles Schwab but I do have investments with Vanguard.

I always felt better to meet with the person or trustee directly and having a meeting in order to build trust. Usually, this happens over lunch which the potential trustee picks up the lunch tab. Asking the right questions and getting the right answers in person is much better than a phone call.

It is an annual fee. 0.25% Annual Trust Admin Fee plus 0.30% Annual Advisory Fee. True you cannot sit down with anyone in person with Vanguard. Can do a virtual meeting which is fine for me. But I was paying over 1% annual advisory fee with my previous financial adviser before taking it on myself (and seeing better results). I do not plan on using an adviser any time soon. But my DW is concerned if I go first. Plus thinking about changing our trust so our kids and grandkids do not get any money we leave behind right away. Maybe a little at time of the last of my wife or my death, and the rest many years down the road. Probably the only reason I kind of like the Vanguard Trust approach. Hopefully with the annual advisor they can continue to grow our legacy. And the Trust side makes sure our wished are handled accordingly.

Just a thought at this point and have not looked at other potential trust services or if we even need to get that in place. Surely one of our kids can be trusted to manage whatever we are able to leave behind.