Estate Planning and Trust Accounts

[ultrarunner]

If nothing else starting this thread is therapeutic for me…

Lots of things going on around the death of a parent and banking was not even on my Radar.

Moms Estate Lawyer/CPA asked why I informed the bank of moms passing?

He said just to continue on as I had been as no sense making things more complicated winding things down.

I told him I said nothing and it was the Bank that sent a letter informing me of moms death and Social Security taking back the last direct deposit… which begs the question if the bank willing returned funds based on moms death the bank is fully aware of her passing.

Maybe my Social Security when the time comes should be in a bank with only one single account to make things easier for my heirs?

 

[ultrarunner]

The Branch Manager tends to a revolving door… few there very long while waiting a promotion to the suburbs…

The local banks are all fortresses to some extent… some having chambers were you exit or leave through a locked cell which holds you until permission from the guard to proceed.

All I can think from Life Safety is there must be interlocks to release in the event of Fire…

The system is just like entering a secured area of a Detention Center…

 

[Sigarms]

Betting on friend over family might or might not be okay but I would very much consider making the son co-executor so he has equal control.

God willing, if things go as planned for our son, in the near future at age 18, he won't be living anywhere near our state which we reside in. Due to his age, we think it's a lot for him to digest if he were to become an exector.

The reality is it's up to the people who create the estate to lay it out as speciffically as possible to where any money should be distributed. This is where it takes time and effort laying out how the estate should be distributed IMO.

I could be wrong, but the exector can not go against the written wording of the estate creators as to how the money is distributed?

 

[2manyrocks]

The Branch Manager tends to a revolving door… few there very long while waiting a promotion to the suburbs…

The local banks are all fortresses to some extent… some having chambers were you exit or leave through a locked cell which holds you until permission from the guard to proceed.

All I can think from Life Safety is there must be interlocks to release in the event of Fire…

The system is just like entering a secured area of a Detention Center…

There were unrepaired bullet holes in the interior walls behind the tellers in one of the bank branches in East Nashville dating from the late 1970s.

 

[Sigarms]

Fortunately for me it never came to be as individuals remarried or the kids became old enough.

It’s on honor to be considered but I’m glad it never put into action.

I would never put a burden on a non family member who I consider a good friend, not to pay accordingly from the assets of the estate they would be executor of (the executor in our case gets paid more than the distribution to family because we consider him family to give him this job function).

End of the day, it's only right if you're going to put all that crap on one person in our opinion.

 

[ultrarunner]

Too much mental effort on banking the last 25 hours

I had a small $130 tax refund check that I deposited at a different branch as my branch was having computer issues.

The other branch asked for a lot to deposit the check and then said 14 day hold… ok

3 days later I get a letter saying 14 day hold without specifics other than check profile.

A few days later I get another letter saying hold reduced to 10 days… Bank America

 

[ultrarunner]

I would never put a burden on a non family member who I consider a good friend, not to pay accordingly from the assets of the estate they would be executor of (the executor in our case gets paid more than the distribution to family because we consider him family to give him this job function).

End of the day, it's only right if you're going to put all that crap on one person in our opinion.

Trust says without Bond or Compensation

 

[Sigarms]

Back to Sigarms, I think you need to think about naming your son as Co-executor if you are firmly decided on having a friend as exec. Also, you need to think about whether you want your documentation to also state that if your son has attained a specific age like 25, he can serve alone without the friend. You might think you have the time to change this later, but if you suffer a stroke or accident that leaves you incapacitated to make this change, then you're stuck.

Assuming we live that long (no one is promised tomorrow) we were thinking perhaps age 28 on our son.

However, you bring up a good point to think about about written changes in the future if we are no long on this earth in the near future.

 

[ultrarunner]

God willing, if things go as planned for our son, in the near future at age 18, he won't be living anywhere near our state which we reside in. Due to his age, we think it's a lot for him to digest if he were to become an exector.

The reality is it's up to the people who create the estate to lay it out as speciffically as possible to where any money should be distributed. This is where it takes time and effort laying out how the estate should be distributed IMO.

I could be wrong, but the exector can not go against the written wording of the estate creators as to how the money is distributed?

A lot of my friends are only child so it simplified a lot of things…

 

[Sigarms]

My brother had a no co-signer credit card at 16 with a $200 limit secured by his bank account as at 16 he was a lifeguard for the park district…

Have to laugh, my son finally got a credit card through our / his bank last week at age 18.

He bought his car over a year ago, and still has a decent amount in his savings account. .

Son had the option from the bank to list us in some fashion as co creditors to increase his credit limit from $500 they originally set up for him. He told the bank no, this is his account and he didn't want his parents involved and this was his credit alone. They (the bank) are however charging him $16 to set up the account. We told him to pay any credit charges like clockwork, and after a year, tell them he doesn't want to be charged for the use of the credit card. If they say no, he should be able to shop around.

The irony is we set up an account at a local credit unit, and sooner or later, we're leaving the bank anyways as we've just had too many issues dealing with them since they were bought out. The first buyout wasn't too bad, after the second buyout, we have absolutely no loved for them for various reasons.

I'm getting old. When were were in California, a place wouldn't take cash or credit cards. My son used his cell phone to make the payment and I'm scratching my head...