Estate Planning and Trust Accounts

[ultrarunner]

It’s good to at least one backup identified in addition to the Trustee.

In looking at the folks Trust everyone that had a part is descended… mom, dad, the witnesses, lawyer, para legal and notary… 1996 in reality is almost 3 decades back.

It was odd that my siblings didn’t want to be involved as they were asked and Invited to meet with the lawyer on two occasions but the consensus is mom and dad can do whatever they want in a good way meaning they worked hard and it was there’s to decide.

Fast forward to the present and the interest from all is greatly increased…

It’s hard to predict the future…

 

[2manyrocks]

Just because someone is a bank attorney doesn't mean they know much of anything about estates and trusts.

I personally wouldn't want to rely on a bank branch employee to attempt to describe a trust situation to me without reviewing the relevant documents. Trusts are heavily document driven, and there are too many so called trusts that a document review is the only certain way to determine what any particular trust actually says.

It shouldn't take 3 hours for them to figure out what they need to move forward which to me sounds like they need to see (1) a copy of the trust (2) a copy of your appointment papers and then to get on with allowing you to transact business on behalf of the trust.

There should be no reason to apply for another FEIN. Do they ask customers to apply for a new social security number when the bank loses their records? That's how stupid that request would be. A copy of the letter issuing the FEIN should be sufficient if they are questioning the FEIN.

Any fiduciary appointment should have a backup if not a backup to the backup because over time people die, become disabled or decide they've had enough serving as fiduciary. Even if there is no specific backup named, there should be a procedure set forth by which the beneficiaries can select a replacement fiduciary is no one named to serve is willing to do the job.

 

[ultrarunner]

If that is where your money is tied up (bonds), POD does make things very simple.

Where the thought has to come into play is everything else that is considered an assett.

My dad left me 30k in an account with the same credit union that I got into. I use this credit union for a credit card for the last 30 years, have a very high credit limit and always thought very good of them (to the point that I talked to my wife about switching our banking accounts to them because we're going to leave the local bank sooner or later).

Even though it was a POD, dealing with this credit union was one of the biggest PITA dealings I had to go through per paperwork. I wanted the payout the EXACT same way my dad was taking it out for his retirement, like $700 per payment, twice a year for $1,400 annyally) After all the BS I went through trying to get this straight, they paid the majority of the funds within 7 months (I called and told them they made a mistake after their first deposit to no avail). Then, on the last payment, they send me off an email and informed me that a mistake has been made and they have to sit on the remaining last payment. I'm just like scratching my head. Told my wife there is NO WAY we are putting money in with them the way their "estate department" handled this.

I'm not a complete idiot. I'm not afraid to ask questions, and I can follow instructions, but they still royally F'ed it up all on their end and I gave up on trying to deal with reason.

Oh no… Credit Union has been my only shinning hope and only good things to say about them…

Only two competing thoughts… geographically they are 25 miles away and not wanting to have all my eggs in one basket as it were.

 

[Sigarms]

It’s good to at least one backup identified in addition to the Trustee.

In looking at the folks Trust everyone that had a part is descended… mom, dad, the witnesses, lawyer, para legal and notary… 1996 in reality is almost 3 decades back.

Thing about a trust is it has to be track of and updated.

Everything was in our sons name, and one night when I asked my wife what happens if we all perish on our family vacation and what happens to our assetts, then a call was made to the lawyer and the trust amended.

You can plan for the future, but if certain individuals are no longer in the equation of the trust, you need to upddate it and try your best to plan accordingly IMO.

 

[ultrarunner]

Just because someone is a bank attorney doesn't mean they know much of anything about estates and trusts.

I personally wouldn't want to rely on a bank branch employee to attempt to describe a trust situation to me without reviewing the relevant documents. Trusts are heavily document driven, and there are too many so called trusts that a document review is the only certain way to determine what any particular trust actually says.

It shouldn't take 3 hours for them to figure out what they need to move forward which to me sounds like they need to see (1) a copy of the trust (2) a copy of your appointment papers and then to get on with allowing you to transact business on behalf of the trust.

There should be no reason to apply for another FEIN. Do they ask customers to apply for a new social security number when the bank loses their records? That's how stupid that request would be. A copy of the letter issuing the FEIN should be sufficient if they are questioning the FEIN.

Any fiduciary appointment should have a backup if not a backup to the backup because over time people die, become disabled or decide they've had enough serving as fiduciary. Even if there is no specific backup named, there should be a procedure set forth by which the beneficiaries can select a replacement fiduciary is no one named to serve is willing to do the job.

I brought in the opening account papers and 2022 Trust Tax returns showing Trust Tax ID and Titles showing me as Trustee and signatory.

I will add the 3 hours never even got to Trust C… only Trust B

 

[Sigarms]

Oh no… Credit Union has been my only shinning hope and only good things to say about them…

Only two competing thoughts… geographically they are 25 miles away and not wanting to have all my eggs in one basket as it were.

This is a federal credit union. Dad got in when he was in the service and I did the same thing. I honestly thought the world of them until dealing with their estate division after my dad died. No local branches NO WHERE clsoe, and you're dealing with them via email and phone. Try dealing with an email address that could come from ANYONE and you're never dealing with the same person twice on the exact same subject.

After that, I decided I did not want them holding my money.

God forbid you can find a local bank where people know your name. Like I said, our old bank was bought out twice already, and we're fed up with them as well.

 

[ultrarunner]

Thing about a trust is it has to be track of and updated.

Everything was in our sons name, and one night when I asked my wife what happens if we all perish on our family vacation and what happens to our assetts, then a call was made to the lawyer and the trust amended.

You can plan for the future, but if certain individuals are no longer in the equation of the trust, you need to upddate it and try your best to plan accordingly IMO.

I’m still here as well as the two named after me.

Every year mom and I would sit down with moms Estate Lawyer asking if anything needed to be done and he said no…

 

[2manyrocks]

Since you aren't being paid for all this inconvenience due to the terms of the trust, one option is to hire an attorney to deal with the bank, but I'm not sure whether it should be the estate lawyer or a honest to goodness litigation attorney.

 

[2manyrocks]

Although not directly pertinent, they did get fined $37.5 million by the CFPB in 2022. https://www.consumerfinance.gov/enforcement/actions/us-bank-national-association/

 

[ultrarunner]

Although not directly pertinent, they did get fined $37.5 million by the CFPB in 2022. https://www.consumerfinance.gov/enforcement/actions/us-bank-national-association/

On the website it states One of the World's Most Ethical Companies...

Not sure how being trapped in a virtual no interest account is ethical but just my perception...