AnthonyF wrote:That speaks volumes. Can you elaborate on the reasons you chose Vanguard over the others?
Grandpaboys wrote:Will Vanguard help make a Trust? Or is this best done in your State using an Elder Lawyer?
bond50 wrote:For those who have established or will establish a trust with a corporate trustee, what is your reason for doing so? Are you just trying to avoid estate taxes? Are you trying to provide for minor children, in case you and your spouse both pass? Would you not trust any relative to oversee your children's trust in those circumstances?
JDCPAEsq wrote:bond50 wrote:For those who have established or will establish a trust with a corporate trustee, what is your reason for doing so? Are you just trying to avoid estate taxes? Are you trying to provide for minor children, in case you and your spouse both pass? Would you not trust any relative to oversee your children's trust in those circumstances?
Does your relative have perpetual existence, group judgment, impartiality, understand laws, taxes, investments and accounting, are they financially responsible in the event of loss and always available to the beneficiaries?
bond50 wrote:If your beneficiaries are legally adults, then what is your rationale for establishing the trust instead of leaving the money directly?
statman wrote:Our lawyer moreover volunteered that he was not happy with Northern's investment performance. Our trust docs now allow but do not require a corporate co-trustee. I have advised my wife (who will need management after I am gone) and our kids to look closely at VNTC. I have not yet had conversations with VNTC to solidify this recommendation.
afan wrote:It implies that most of the trust companies earn a large share of their profits from the fees they charge for investment management, rather than fees for the trust services.
afan wrote:One could imagine an alternative business model where they charged for the non investment services, then offered a choice of 1. active management by the trust company, 2. passive management by the trust company or 3. management by some other manager of your choice. For option 3 the trust company would need to be comfortable that they would not be sued if the beneficiaries were unhappy with the performance of the outside manager.
jj wrote:Your lawyer will push you toward whoever they are used to using.
asset_chaos wrote:...I believe most state laws would appoint the state trustee.
JDCPAEsq wrote:I've never heard of this possibility. Do you have some authority for this?
Never in my entire career in the trust business have I ever heard of a state acting as a trustee.
asset_chaos wrote:Actually, now I'm curious. What does happen to an American trust if the trustee person can't continue (dies, for instance) and no successor trustee is specified in the trust documents?
Mikejenny wrote:Good information. In this area, BNY Mellon Bank also has a trust department. Anyone ever looked into them?
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