Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Retired Engineer Bob

(759 posts)
Thu Aug 5, 2021, 12:52 AM Aug 2021

Talking to a fiduciary Monday

I listed the things I wanted to discuss.

1. Overall balance, things gotta move.
2. Consolidation, I’m almost losing track of accounts.
3. Estate planning. Mom has $$ in Dad’s estate. He died late 2019, still not resolved. I refuse to leave such a burden on my husband.

I’ll need to understand their fee structure. They (fiduciary) are not free.

Anything else I should ask?

8 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Talking to a fiduciary Monday (Original Post) Retired Engineer Bob Aug 2021 OP
Having them do a living trust for you. It's better than a will brush Aug 2021 #1
Excellent Retired Engineer Bob Aug 2021 #2
Spell out in detail what would fall under the fiduciary's responsibilities and what would not. Beastly Boy Aug 2021 #3
If there are inheritance or estate taxes in any of the states involved. bucolic_frolic Aug 2021 #4
Thanks all for your input. Gives me some things to consider n/t Retired Engineer Bob Aug 2021 #5
Power of attorney? Living will? question everything Aug 2021 #6
I need to make an appointment with an estate planning lawyer as well n/t Retired Engineer Bob Aug 2021 #7
A will is still needed, even if you go for a living trust. PoindexterOglethorpe Aug 2021 #8

brush

(57,471 posts)
1. Having them do a living trust for you. It's better than a will
Thu Aug 5, 2021, 01:06 AM
Aug 2021

It lists all your assets and what you want done with them if you become incapacitated or pass. Also you name beneficiaries and an executor. It takes the worry off you mind as you'll know your affairs are in order. If your state requires homesteads and quit claim deeds they can do that too.

Beastly Boy

(11,136 posts)
3. Spell out in detail what would fall under the fiduciary's responsibilities and what would not.
Thu Aug 5, 2021, 05:43 AM
Aug 2021

There are many types of fiduciaries, like financial advisors/planners, trustees, investment managers, etc., and their areas of expertise differ.Make sure you are aware of where their responsibilities end and yours begin. For example, an estate planner may not necessarily be obligated (or qualified) to advise you on personal finances.

bucolic_frolic

(46,971 posts)
4. If there are inheritance or estate taxes in any of the states involved.
Thu Aug 5, 2021, 08:01 PM
Aug 2021

Try to understand what you are invested in. Some asset classes have run up, some not so much. Do you need to rebalance, and is rebalancing done at regular intervals.

I talked to the money management arm of a local financial institution earlier this year. He told me there is some financial organization that standardized trust fees for court run guardianships way back when. Not all institutions follow them, and I do recall they were not cheap.

I'd also want to know about guardianships, in case of incapacity. Will they manage things, what do they charge, who are they accountable to, that sort of thing.

I don't understand 'mom has $ in dad's estate'. It could be it varies state to state. But in my state, everything passes to the spouse almost automatically, just about immediately. Just retitle deeds and car titles and tell the bank. So not clear how that is lingering in your case.

PoindexterOglethorpe

(26,727 posts)
8. A will is still needed, even if you go for a living trust.
Tue Aug 10, 2021, 03:32 PM
Aug 2021

Also Power of Attorney and Medical Power of Attorney paperwork. Also a health care directive. A copy of the last needs to be in an envelope with ATTENTION EMT on it, preferably taped to the refrigerator, where they should readily see it. Especially if you don't want a lot of intrusive medical stuff done to you. Without that in writing, the default is always to do everything.

Having a trust drawn up will be pricey, easily a thousand dollars or more. A simple will will still run a couple hundred dollars. But having an attorney draw up all the paperwork, and doing it properly will give you a lot of peace of mind.

I had all that stuff redone recently, and sent copies of everything to both my son and my sister. I happen to live alone, and want them to know as much as possible about these things.

Latest Discussions»Culture Forums»Personal Finance and Investing»Talking to a fiduciary Mo...