Talking to a fiduciary Monday

[Retired Engineer Bob]

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?

[brush]

1. Having them do a living trust for you. It's better than a will

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.

[Retired Engineer Bob]

2. Excellent

Something to add to the discussion.s

[Beastly Boy]

3. Spell out in detail what would fall under the fiduciary's responsibilities and what would not.

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]

4. If there are inheritance or estate taxes in any of the states involved.

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.

[Retired Engineer Bob]

5. Thanks all for your input. Gives me some things to consider n/t

[question everything]

6. Power of attorney? Living will?

If someone cannot take care of needs, who will?

[Retired Engineer Bob]

7. I need to make an appointment with an estate planning lawyer as well n/t

[PoindexterOglethorpe]

8. A will is still needed, even if you go for a living trust.

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.