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 > Hiring Bernie Madoff as a trust company??

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TenOC

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Posted: 10/25/21 12:53pm Link  |  Quote  |  Print  |  Notify Moderator

Since I travel full time, my domicile is South Dakota. Most of my assets are in a revocable trust. The current trust specifies that after my death a family member will be the new trustee. I am concerned that the funds in this trust will be so tempting that the family member may embezzle some of the funds. I am thinking about appointing as successor trustee a trust company in South Dakota.

My problem is how do I ensure that this new company that I am hiring will not be another Bernie Madoff?

I have searched the Internet and the only information I can find is that the trust company must have $1 million insurance. If the company has a few hundred clients this 1 million-dollar insured policy is not going to be able to cover any serious embezzlement.


Please give me enough troubles, uncertainty, problems, obstacles and STRESS so that I do not become arrogant, proud, and smug in my own abilities, and enough blessings and good times that I realize that someone else is in charge of my life.

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monkey44

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Posted: 10/25/21 02:38pm Link  |  Quote  |  Print  |  Notify Moderator

First thought that comes to mind - spread your funds over several trusts ...

Ask your attorney. Use your personal bank trustee. Structure it so it's non-revocable, with limited and specified withdrawals.

Wait -- Second thought - this is probably not the best place to ask that question. I'd go ask my attorney or my accountant.


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way2roll

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Posted: 10/25/21 02:55pm Link  |  Quote  |  Print  |  Notify Moderator

An RV forum is the LAST place I would come for advice on this matter.


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Horsedoc

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Posted: 10/26/21 07:34am Link  |  Quote  |  Print  |  Notify Moderator

way2roll wrote:

An RV forum is the LAST place I would come for advice on this matter.


True that!

* This post was edited 10/26/21 07:45am by Horsedoc *

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Posted: 10/26/21 12:10pm Link  |  Quote  |  Print  |  Notify Moderator

way2roll wrote:

An RV forum is the LAST place I would come for advice on this matter.


^^^ Absolutely true.

...that being said, I always recommend my local bank as the successor trustee and would suggest the same for the OP: but it needs to be a bank with a known presence, an actual physical presence, and a viable trust department. Don't use an "only-on-the-internet" bank.


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akaPedro

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Posted: 10/26/21 01:21pm Link  |  Quote  |  Print  |  Notify Moderator

How about appointing a co-trustee. Nothing can be done unless both agree how to do things. Ask your trust attorney about this. (You do see a live trust or elder attorney....don't you) ?

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Posted: 10/30/21 09:24pm Link  |  Quote  |  Print  |  Notify Moderator

way2roll wrote:

An RV forum is the LAST place I would come for advice on this matter.

[emoticon]

sayoung

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Posted: 10/31/21 11:24am Link  |  Quote  |  Print  |  Notify Moderator

When you've gone on, It does not matter to you what happens . If your worried just spend it all.

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