I’ve got the co-trustee blues

I was successor trustee for my dad who owned a home in Santa Cruz and a fairly small amount of equities. My sister was living in the home but could not buy me out, I wanted it for many reasons and eventually ended up buying out her half.

Without the lawyer I probably would have been forced to sell it and divide the proceeds. It was a long and difficult process but my sister and I are still on speaking terms....

Money is easy IMHO, just split it up and make sure to continue to celebrate your mom's life.

John
 
Jeff, I don't think you need a lawyer, it sounds like it is all set up.

When my dad died, his was all set up also. He did have real estate very little savings, a car and a pickup. The real estate was his house full of stuff.

My wife, myself, his three grand kids and a cousin went through the house took what we wanted. I contacted a local church group and donated the rest with the stipulation that they go in and clean the house so it could be sold.

I gave the car to one of his friends and sold the pickup.

I sold the house and spilt the profits with my brother. A month later I got notified of a life insurance policy. It was all fairly easy. Thanks to my dad's lawyer friend that had it all written out real nice.

My wife and I don't have any kids either. We have what I believe to be a will writen well. My niece is the executor so she gets some extra money and pay to take care of things. But we have it written the all of our assets are to go to two different charities and some to the American Motorcycle Association. Hopefully that won't happen for about 30 years.
 
Papa Charlie said:
This is something that my wife and I have to look into. We don't have any children. If anything happens to me, my wife is the beneficary of all my accounts. But we need to set something up so that if something happens to both of us, all our assests are liquidated and split between our three nieces and nephew.
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Don't put it off. Get the trust set up. It makes life for your loved ones a whole lot easier in the long run.
 
If you decide to set up a Rev Trust as part of your estate plan, be sure to transfer all assets into the name of the trust. Real estate, cash accounts, and even cars need to be titled in trust name or you will end up with both a probate estate that will pour into a trust and the trust itself. Worst of both worlds. Like anything else, a good idea done wrong is like a bad idea. Dave
 
Janderso said:
Is that Ameritrade? I did a Google for TD Waterhouse and got A Canadian reference.
When my Dad was still with us he had 100% of his investments in Ameritrade =all securities.
He was losing his cognitive abilities and mom couldn't do anything online. She asked me to help her move the money to a local firm.
It took me several phone calls to get the right people. The sales guys said they would do this or that and never did a thing.
I was not impressed. I'm sure their fees are much less, my dad hated paying for any service.
I just don't know enough to handle our own investments. I trust a professional and know I'm gonna have to pay for their advise.
I did set up an E-trade account. Makes it easy to buy and sell stocks at less than $7 for each transaction.
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You are correct. TD Warehouse was bought out by Ameritrade for about 2 years. It's now TD Ameritrade I believe Ameritrade is owned by Charles Schwab
 
Just for fun said:
Jeff, I don't think you need a lawyer, it sounds like it is all set up.
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I ran into my financial advisor while on my walk this morning. I asked him what he thought of my situation. He didn't think a lawyer was necessary either.
This is getting easier to live with.
 
I was the trustee for my mom, she had a check sent to my brother upon her death, I did not even deal with him. I have since put the trust in a Schwab account administered by a Schwab independent investment advisor. I know squat about the market, but I see all of the buy, and sell trades going on.
 
you may need an accountant though. The Trust technically needs a new ID # if it used Mom's SSN until her death. Any income collected after DOD will come in the new ID and need a return filed unless you can get Ed Jones to transfer directly from mom's trust to the new accounts as of her date of death and step up the basis of the assets as well. It is getting more difficult to do anything in a hurry and brokerage companies are getting more demanding in the way they will transfer assets. You may get lucky and get everything transferred without the new ID # but that hasn't been my experience. Dave
 
Janderso said:
I ran into my financial advisor while on my walk this morning. I asked him what he thought of my situation. He didn't think a lawyer was necessary either.
This is getting easier to live with.
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The need for a lawyer or not probably hinges on the relationship of the survivors. In my case it was easy, my brother and I are not close but we get along well and we worked closely in my mothers last years. Splitting the money 50/50 after all expenses were paid was perfectly acceptable to both of us.

I have heard horror stories about the knives coming out between family members squabbling over the division of assets.
 
Aaron_W said:
I have heard horror stories about the knives coming out between family members squabbling over the division of assets.
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Oh man, me too. Relatives-in laws start fighting over the little ****.
 
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