Estate Planning and Trust Accounts

[Sigarms]

Make a list of what you own and what would happen to it if you passed, your wife passed, or both of you passed. Does each asset go to whomever you intend automatically or would they have to open a probate estate? (By automatically, you may have already signed some bank account, retirement account and insurance policies beneficiary designations that will pass these accounts to specific beneficiaries without them having to do anything other than provide a death certificate to receive funds.)

For assets that do not have beneficiary designations, do you have a will naming an Executor whom you trust to serve that lays out what you want to have happen to your assets?

In the case of real estate owned in two different states, the passing of the real estate depends on how it is deeded. If you and your wife own it as husband and wife, it may pass to the survivor of you, but how it passes after the surviving spouse dies probably depends on the terms of your will. Often, husbands and wives are confused about how things are deeded. So look at the actual deeds.

Generally, your will is probated in the state where you die, and then you have to figure out the process for the state where you own other property to determine if you have to open another estate in that state or if it is sufficient to record a copy of your will as probated in the other state to evidence passing of title.

You may come to a point when you decide this is confusing or uncertain. That is when I suggest you get your papers together like copies of deeds if you have them, and go see an estate planning attorney in Chattanooga. They can look up your deeds, but it will save you a few dollars in fees if you can provide copies so they don't have to search the deeds.

The process of your looking at what you own, what you owe, how it is titled, etc will help you focus on thinking about what you want to accomplish and help you to get the most productive estate planning advice. It may not be cheap, but you spent a lifetime accumulating your assets so it's important to get good advice. You might actually save money for your heirs overall by heading off problems that could easily be avoided with planning.

Personal question which of course you don't have to answer.

What do you do for work?

You seem to be very knowlegeble on this topic which is why I ask.

 

[2manyrocks]

Retired. All I do now is cut weeds on the farm.

 

[ultrarunner]

There's a saying in strategic planning that one step in planning saves ten steps in execution. Estate problems can be significantly reduced if some time is spent in advance looking at what the assets are and what would be the easiest method of transferring them. People are reluctant to talk about this. I get it. But one of the best things someone can do to make it easier on their family is to bite the bullet and just do the planning. It saves a lot of headaches and uncertainity and second guessing after it's too late to do anything about it.

Yep... one sibling said he would prefer anything due him from sale of the Trust Real Estate or IRA would go to the kids as he is in a high tax bracket... too late to do that after the fact

 

[JethroB]

One item that threw me when my dad passed was his safe deposit box at his bank. I wasn’t on the signature card. After lots of phone calls by bank personnel they finally let me into the box WITH a frightened young girl standing watch over me. I wasn’t allowed to remove anything but she did make copies for me. By all means get the proper people on the box access signature card. And deeds. And bank accounts etc.

 

[2manyrocks]

If I were making a list of things that cause hassles, I'd put safety deposit boxes on it. Lost or misplaced physical stock certificates would also go on the list. Collections that only an expert can accurately value, hard to secure or insure, and susceptible of being stolen.

 

[ultrarunner]

I’ve bought homes and moved in later finding stock certificates and savings bonds…

Was able to get them back even when not from the seller…

Once behind a loose fireplace mantle brick and another time under a built in kitchen cabinet… in a then 80 year old home.

The bonds had a address with POD… I went to the address and an elderly woman answered and I asked for the person on the bond… she it’s her deceased son… I asked her name and it was the POD

It became emotional when I said I have something that belongs to you and handed her the bonds worth several thousand dollars…

She said her son had been gone 15 years and today is the anniversary of his death…

She asked if I was real or an Angel sent in answer to her prayers saying she had been praying for a new roof not knowing how to pay for it…

I drove down that street a few years later and saw a new roof…

 

[2manyrocks]

Add to the list of potential problems things that were put out of sight to keep them safe from home thefts.

 

[Sigarms]

Saftey deposit boxes gives everyone an excuse to go out and buy a BIG bombproof fireproof gun safe, then you can fill the other side up with guns!

Needless to say, store important documents inside a fire rate box inside the safe.

 

[ultrarunner]

My current home was sold by the widow under the terms of the family trust… the safes they drilled had guns, ammo, a little cash and documents.

The widow, nephew and a neighbor said the deceased had gold and silver coins but to this date the whereabouts are unknown.

Who knows… I may be sitting on top of a cache and not even know it.

 

[ultrarunner]

Good News update… visited the Credit Union where a small CD is for the Trust.

The folks could not have been nicer and left with everything done… Credit Union manager even came over to thank me for coming in with the documents… saying anything needed just call.

These were the same Documents presented at US Bank… what gives unless the Bank is clueless and the Credit Union not?

The lady working with me said she does this everyday and Successor Trustee are very simple…

 

[2manyrocks]

IMPO, it should just about never ever take a 3 hour meeting at a bank to update the current trustee status provided you have the proper successor trustee paperwork with you, and the bank should update their records on the spot. Just like your credit union.

 

[ultrarunner]

IMPO, it should just about never ever take a 3 hour meeting at a bank to update the current trustee status provided you have the proper successor trustee paperwork with you, and the bank should update their records on the spot. Just like your credit union.

For the moment I am not wasting more time and all future deposits going to Credit Union… just ordered free checks too.

The person at the bank said 4-6 weeks for legal to review and respond… again the only thing that has changed is the Trustee with me in place of Mom with all documents furnished several times…

Also credit Union interest is 3.75 and Bank just went from .0001 to .25

 

[ultrarunner]

IMPO, it should just about never ever take a 3 hour meeting at a bank to update the current trustee status provided you have the proper successor trustee paperwork with you, and the bank should update their records on the spot. Just like your credit union.

I was at the bank this morning and did not even ask about the Trust…

On my way out the Banker waived me over and said everything submitted to legal yesterday. I was going to say but you had everything Friday… but didn’t.

Banker went on to say stay in touch and it’s in Legal’s hands now.

The 3 hour Friday appointment never even got to the C Trust…

I’m sure this is only the beginning.

I did mention in parting that I’m sure she can understand the Fudiciary duty I have as Trustee and not being able to access the US Bank accounts has made the situation untenable…

 

[2manyrocks]

An appropriately worded follow up letter via certified mail to the banker in a professional tone summarizing situation, having to set up appointment, 3 hours with no resolution in sight, and it's still off to legal with indefinite time for resolution, but requesting immediate correction of state of affairs in order to meet fiduciary obligations puts them in the position of having to respond and establishes good factual basis for the intervention of a judge if needed later. Not necessary to threaten suit or give deadlines because they should have already made this correction.

I'd be thinking about moving every account I could move ASAP in my personal opinion. YMMV and your lawyer may have other thoughts.

 

[Sigarms]

An appropriately worded follow up letter via certified mail to the banker in a professional tone summarizing situation, having to set up appointment, 3 hours with no resolution in sight, and it's still off to legal with indefinite time for resolution, but requesting immediate correction of state of affairs in order to meet fiduciary obligations puts them in the position of having to respond and establishes good factual basis for the intervention of a judge if needed later. Not necessary to threaten suit or give deadlines because they should have already made this correction.

It will go to the waste basket. At best, the guy apologies off the record for being idiots to work with.

After you pull all your money out, the best thing to do is leave a glowing review online as to why you left.

 

[2manyrocks]

If beholden to them on the loan side of things, maybe not the best plan.

Banks run on paperwork. She'll send to legal who should immediately read between the lines where this is headed.

 

[ultrarunner]

No loans beholding… just convenient location to have my business checking…

I have hired two tellers working part time when they graduated Nursing school and became RN’s in the past. Working in the bank was not their career… one asked me why US Bank and I said by default… I very much liked my Bank and then US Bank took it over plus locations are convenient for me.

I’m good a letters… just question if writing to anyone at the branch level would be productive… my guess is it would need to be regional or corporate but it seems like banks are odd unless I involved regulators and cc the branch/corp.

I once had a congessmans office and local TV consumer reporter involved helping an elderly homebound widow when her husband passed and she was not able to come in due to poor physical health but yet very sharp… negative media publicity or the promise of can do wonders to get someone’s attention.

Anyone in banking think a formal letter to the branch manager would help… she is brand new just started a few weeks ago.

 

[WM75Guy]

Start at the top and work your way down. Our house sits 700' down a well-groomed drive, plainly visible. House and the garage driveway are well lit. I had an issue with UPS leaving packages, especially after dark, at the street instead of coming down the drive to the house. Did a little research and found the email address for the CEO, Carol B. Tome. Sent a very nice email explaining the situation and how I wished to avoid having to handle the situation through an avenue like social media. I receive a call and email from her Executive Assistant, the Regional Manager, and the Branch Manager. Have not had an issue since.

Email Address​

Mr. Andrew Cecere has been heading the role of company’s CEO and Chairman since year 2018. If you wish to contact him, you can send your request or concern by email. Please take a note of the official email of Mr. Andrew Cecere: Andrew.Cecere@usbank.com.

 

[ultrarunner]

It’s definitely worth a try… thank you!

Getting the attention of the right person can move mountains…

A letter to the President of Toyota got us a personal invitation to walk the line as moms car was built… definitely a top 10 moment when thousands of people at the factory cheering for us… Red Carpet VIP for the day.

 

[ultrarunner]

Update… letter sent.