Ask Terry Questions Executor of will & trust

Executor of will & trust

By Terry Savage on November 25, 2023 | Financial Planning / Retirement

I am 87, my wife is 82. No children. Net worth close to 3million. We live in Lake Forest & have an attorney here. He recommended that we use Lake Forest Bank & Trust (Wintrust) as the Executor of our Estate & Trust.
To your knowledge are they a financially secure Bank?

Terry Says

They are a very financially secure bank. I would have no qualms about recommending them. But, how about making your attorney co-trustee to make sure that all your instructions are handled correctly. for example, if you were to pass first, the trustees would be responsible for the care of your wife, according to the wishes she expressed in her portion of the trust, and through her healthcare power of attorney. (Obviously, you would be in charge if she becomes ill before you pass, but what about after??) Who would choose a nursing home, or pay for a home healthcare aide. That’s what you’re really asking for — as well as distributing any remaining assets after you are both gone.

And that’s what you should be discussing with a potential trustee — and your estate planning attorney! They will of course charge a fee for these services when they are needed, so that should be spelled out, too.

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