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Author: BGPenhollo Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 74759  
Subject: Setting up a trust and selecting a trust officer Date: 12/31/1999 1:27 PM
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Hi,

I tried a search but I don't think I know the correct terms to search. Anyway, here is my concern. If this is not the best message board please point me to others.

I have finally contacted a lawyer to set up a will and an estate. Our combined Net worth exceeds the $650,000 single person credit and by retirement may possibly exceed the net worth of two credits.

The lawyer told us that we had to select one of seven banks to be the trust officer.

To tell the truth, I no more want a bank officer to be helping my wife invest our nest egg than I would want an insurance professional helping direct my wife's investments. The cost, btw, will be 0.75% to 1% per year of our assets.

I asked if we could use a mutual fund firm like Vanguard or Fidelity and was told that would not be possible within Iowa.

Does anyone have a clue on what's required for a trust officer and if I must select a bank to be my wife's trust officer.

The reason I am concerned is that even though my wife 'could' direct the trust investments, she is the type who will listen to snake oil salesman sell her an annuity within an IRA and believe that since the person is a "professional" and they have to take her best interest into account, that they would not do anything foolish with her money. I am much more cynical.

Please respond via email as well if you could.

BGP
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