Beyond the Grave, Revised and Updated Edition: The Right Way and the Wrong Way of Leaving Money to Your Children (and Others) by Jeffery L. Condon

Author:Jeffery L. Condon
Language: eng
Format: azw3
ISBN: 9780062383402
Publisher: HarperCollins
Published: 2014-08-11T17:00:00+00:00

Ignorance Is Not Bliss

Bringing in the bank Trustee does not mean Mrs. Wagner should remain blissfully ignorant. If her husband dies first, Mrs. Wagner should have some ability to read and understand the bank Trustee’s periodic statements. Why? To protect herself from the bank Trustee.

Granted, the vast majority of bank Trustees perform their duties honestly, efficiently, and responsibly, but Mrs. Wagner should not remain at the total mercy of the bank’s investment and management discretion. If Mrs. Wagner became financially “aware,” she could stay abreast of the investments and see what is generally going on with her money.

Mrs. Wagner, however, was not interested in becoming financially educated—all she wanted to do was write checks. Fortunately, Mr. Wagner knew what I was getting at. To protect his wife, someone had to pay attention to what the bank Trustee was doing with the family money.

Therefore, the Wagners provided in their Living Trust that their accountant could make reasonable and periodic requests from the bank Trustee for reports, statements, and other information. With this provision, the bank Trustee would know that someone out there with financial know-how has the power to look over its shoulder.

2. “I understand that appointing a bank Trustee to serve as my wife’s Cotrustee can make life a lot easier for her if I die before her. But I’m still uneasy about the idea of my money being in the hands of the bank after I die.”

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.