We're early on in the process so don't have all the answers (I also shouldn't have put this off since I am an attorney . . . though non-practicing and not licensed in my state of residenceAre you also putting investment stipulations in there? Such as, 80% must be invested in VTSAX and 20% invested in VBTLX or something like that?Following as DW and I are also going through estate planning and anticipate having a trust for a testamentary trust for our toddler (and potential future children). Initial thoughts are to allow distributions to pay for care and education (including college, etc.) but for full control at some more mature age (30 or 35) or a stepped distribution model.
Understand the rationale for your choice of trustee, DW and I are leaning toward a corporate trustee (or co-trustee) given the potential size of the trust and desire for greater investment sophistication than close family could provide (looks like your brother wouldn't need the same assistance).
KT785
Also, do you have to change all of the beneficiaries on your life insurance and retirement accounts to your estate as opposed to your kids?
).I hadn't planned on putting any explicit stipulations on the investments/asset allocation but instead would allow the trustee determine best course of action; for example, Vanguard can be both trustee and advisor and suspect investment choices would be similar to how they operate VPAS. If I were to pre-decease DW, I've already told her to engage VPAS to handle the funds she'd received from life insurance and as beneficiary of my other accounts. I'm comfortable with VPAS philosophy and the fees they charge are justifiable given the peace of mind that would provide DW or my child(ren).
That said, I'm not sure about how retirement accounts / HSAs are handled if passed through to a trust as opposed to a living beneficiary?
KT785
Statistics: Posted by KT785 — Mon Jan 29, 2024 10:03 am — Replies 7 — Views 273