Contingency planning... Sigh
-
Some interesting bogleheads discussion about selecting a successor trustee.
-
Some progress has been made. I made contact with my oldest sister just before Easter (ran into my brother-in-law in a convenience store near where they live). Sister and grandchildren came to Easter dinner with my brother-in-law. I told them I'd like to get in touch with my nephew (their son) to see if he and/or his wife would be willing to be Executor/Trustee/Attorney-in-Fact in some combination. So I'll be contacting him next week.
Last Tuesday I met with a place in WRJ, Vt. that offers Guardian, Executor, Administrator, Agent, Trustee, Consultant services. It was an interesting half-hour get-to-know-how-they-work interview (free) and I came home with their fee schedule. Apart from reservations about continuity (what happens if they place goes bankrupt after they've received a chunk of my money?), I feel comfortable that they would carry out my wishes as desired.
They have a flat reservation fee (for future services) of $1200. When the time comes that they need to act on my behalf, their hourly rate for $275 for the above mentioned services, and $150/hr or $175/hr for admin work.
If that's all there was to it, I'd be very inclined to sign with them. However, as of this year (2026) they will be billing an annual maintenance fee of $1000. If I knew I only had 10 years left (I hope not... I mean, I hope there's more!) I'd seriously consider it. But 20 years? 30 years? That adds up to a big chunk of change, for doing what every year? Being prepared? (On the other hand, the firm managing my retirement account gets paid more than that, albeit, they are growing, hopefully, my account.) Also, it's asking strangers to manage my personal affairs, so I expect to pay reasonably for that. I just don't know if it's too much?
So next step is talking with my nephew. Maybe they'll be happy to manage it all. If not, then maybe power-of-attorney. The responsibilities may get split.
I got a letter from the lawyer I met with last October to set up the trust asking me if I was still interested. Heehee. Yeah, it's already been 6 months! I told them yes and that I should have concrete plans reasonably soon.
Hate all this stuff.
Oh, the other thing I've been working on is a spreadsheet of all my possessions. It may become the basis for an auction after I've gone. Or before.
-
Bernard, I've just been through the wringer you're describing: trust, trustee, secondary trustee, power of attorney, and medical power of attorney. It's a long, intensive, and expensive process. My advice is to take it step by step, be patient with yourself, take the time you need, and be encouraged that you will accomplish your goals. It can be confusing at times. It can be frustrating. It can seem endless. You'll get there, just don't rush anything. I'll be holding a good thought for you.
-
It's done! I'm so relieved; I've not really enjoyed the process. Signed the revocable trust (and all accompanying documents) today. I still have to make appointments with a couple local funeral homes to discuss their offerings. I just want them to make sure I'm dead! That story from Spain (I think) this summer!
The industrial revolution cheapened everything.
-
-
It's done! I'm so relieved; I've not really enjoyed the process. Signed the revocable trust (and all accompanying documents) today. I still have to make appointments with a couple local funeral homes to discuss their offerings. I just want them to make sure I'm dead! That story from Spain (I think) this summer!
@Bernard Congrats! We updated our estate planning docs some months ago after years of putting it off. Now we're in the process of documenting our financial lives so that our successor trustees can take over if the need arises. Starting to fill up our Nokbox. I picked one up during a sale at a huge discount off their regular prices. It seems to be well thought out.
-
@Bernard Congrats! We updated our estate planning docs some months ago after years of putting it off. Now we're in the process of documenting our financial lives so that our successor trustees can take over if the need arises. Starting to fill up our Nokbox. I picked one up during a sale at a huge discount off their regular prices. It seems to be well thought out.
@wtg I will look into it. I've been making a spreadsheet that will eventually contain all the information my successor trustee will need, but a place for physical documents (apart from very important docs like my birth certificate, etc. which are in a lock box) would be good.
-
-
-
Here’s an earlier thread about the Nokbox. Includes sample pages.
https://wtf.coffee-room.com/topic/2009/nokbox/7?_=1791548255155
Hello! It looks like you're interested in this conversation, but you don't have an account yet.
Getting fed up of having to scroll through the same posts each visit? When you register for an account, you'll always come back to exactly where you were before, and choose to be notified of new replies (either via email, or push notification). You'll also be able to save bookmarks and upvote posts to show your appreciation to other community members.
With your input, this post could be even better 💗
Register Login