Midpack
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Another in a series of questions as we update our trust, and the letter of instruction we write.
Our assets are fairly simple - a house, two cars, the contents of our house, a savings account and 5 Vanguard accounts (taxable, 2 tIRAs, 2 Roths). To me the easy way to settle our estate is to recommend the successor trustee sell the house, sell the cars, sell the contents of the house (estate sale). Then distribute all the cash and investments, and avoid valuing property. I realize there are tax considerations for retirement accounts that’ll have to be factored in.
If we want to simplify things for our successor trustee, and reduce potential conflict among beneficiaries, is that a good approach? Or do most people just dole out property like homes, cars and other property to beneficiaries? We’ll probably have 8-9 beneficiaries, plus descendants.
We’d also like to avoid ongoing trusts for minors, so the successor trustee can close out the estate in 4-6 months, and not deal with ongoing trusts for years. But that would mean no inheritance for minors, not sure that’s what we’d want.
Our assets are fairly simple - a house, two cars, the contents of our house, a savings account and 5 Vanguard accounts (taxable, 2 tIRAs, 2 Roths). To me the easy way to settle our estate is to recommend the successor trustee sell the house, sell the cars, sell the contents of the house (estate sale). Then distribute all the cash and investments, and avoid valuing property. I realize there are tax considerations for retirement accounts that’ll have to be factored in.
If we want to simplify things for our successor trustee, and reduce potential conflict among beneficiaries, is that a good approach? Or do most people just dole out property like homes, cars and other property to beneficiaries? We’ll probably have 8-9 beneficiaries, plus descendants.
We’d also like to avoid ongoing trusts for minors, so the successor trustee can close out the estate in 4-6 months, and not deal with ongoing trusts for years. But that would mean no inheritance for minors, not sure that’s what we’d want.