Testamentary trusts

[Sandman]

Anyone familiar with Testamentary trusts?.. What is the best management for the trust? Any pitfalls.. hints??

Information is hard to find.. my contacts all turn any question into a sales opportunity..

Note:.. I have a general distrust of banks and lawyers..

[Honda]

Usually a testamentary trust is used and included in a will. Basically, it's designed in circumstances where the departed want to control long-term how assets of the estate are going to be dispersed .In other words after they're dead they still want to control the asset distribution.

[FredK]

Lawyers

A lawyer married a woman who had previously divorced five husbands. On their wedding night, she told her new husband, “Please be gentle, I’m still a virgin.” “What?” said the puzzled groom. “How can that be if you’ve been married five times?”

“Well, Husband 1 was a sales representative; he kept telling me how great it was going to be.

Husband 2 was an engineer; he understood the basic process but wanted three years to research, implement, and design a new state-of-the-art method.

Husband 3 was in marketing; although he had a nice product, he was never sure how to position it.

Husband 4 was a psychologist; all he ever did was talk about it.

Husband 5 was a stamp collector; all he ever did was… God! I miss him!

But now that I’ve married you, I’m really excited!" “Good,” said the lawyer, “but why?” “You’re a lawyer!” she replies. “This time I know I’m going to get screwed"

[Dave Grubb]

Now that right there is funny Fred-----I don't care who you are

[Sandman]

Usually a testamentary trust is used and included in a will. Basically, it's designed in circumstances where the departed want to control long-term how assets of the estate are going to be dispersed .In other words after they're dead they still want to control the asset distribution.

Thanks, but this is the part that I know.. what I don’t know is how do you pick someone to manage the trust.. my attorney, my broker and my bank all would love to manage the trust.. IMHO all three are chuckleheads in their own way and are just looking for an opportunity to have an expense account called a trust..

Any ideas on how to find a trust manager?

[Honda]

If you have an accountant or other professional that deals with money that you can trust, that's where I would start to look for some advice.

[Dave Grubb]

I think this might be an open link to an article in this morning's WSJ: https://www.yahoo.com/news/m/4bb2ead...ks-to-his.html

It contains, what I think, are some very good suggestions regarding your will and your children.

One thing that is pointed out---and I am personally struggling with, is what to do about children ill equipped to handle money wisely.

[Sandman]

Thanks.. wisely, how tactful

[Sandman]

The plan.. first draft..

Since I am thoroughly disgusted with banks.. and the lawyers that I trust are either too old or not in this sort of practice..

We do business with a real, old school, small, brokerage firm.. will see if they could manage the trust and have a clause in the trust that if the brokerage firm is sold or merged that the trust will be dissolved and distributed…

Now.. to go to work..