Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Retirement - Now what? -- Ignore unavailable to you. Want to Upgrade?

To: Drygulch Dan who wrote (180)	6/6/2007 8:26:33 PM
From: deeno	Respond to of 288

I am the trustee on a few trusts and have worked with a number of people both pre trust and post death (no this is not my business). Some thoughts; "Successor trustee and final beneficiaries need to be aware of their roles and actions required, trained and prepared." Good luck with this. If the successor is a relative, especially if it is a child. They WILL NOT read the trust, let alone try to understand it. They will say, "no problem dad, whatever you want I will follow your instux to the letter". You can try, but dont get your hopes up. If they are good kids they wont care about the money until you die, up till then its yours and they have no idea if you'll spend it all (many exceptions depending on heirs) "Secondary to this realization is that I really should plan for simplifying our estate as time allows." make it readable, simple and flexable. Let their advisors worry about the nuances. Tax laws change all the time, their situations change etc. "Training a spouse " LOLOLOL! When your done PLEASE send me a manual. "A person takes a life time in the accumulation of an estate. He sees things that others miss in each tangible piece." Take a polorid of everything you think has decent value. Put the value you beleive its worth on the back and the kid you would like to have it listed if its an heirloom. You can do no more when your dead. " Selling off the unfinished work is a bitter pill to swallow." You'll be dead dont worry about it. If there is one thing to really consider (actually there are many but this is a good one). How well do your heirs get along? If it is faboulous, then realize they will just tolerate each other when there is a big pile of money on the table. The best is if none of them NEED the money. BUT EVEN IF THERE IS ONE THST REALLY NEEDS IT or is counting on it OR that they get along only OK. Watch out! recipe for a disaster. ESPECAILLY THE SPOUSES. you cant imagine the stuff they dredge up from child hood where they deserve more. If I could impart one piece of wisdom to my heirs it would be. If one of you gets a lawyer EVERYONE has to get a lawyer. When they sit around discussing YOUR inheritance at $365 per hour EACH, the inheritance wont last long. In the end (your not going to like this) no one cares about your estate more then you. Dont be surprised if their interest level is not as high as yours. GET IT DONE. Anyway good luck.