Personal Finance and Investing
In reply to the discussion: Introduction [View all]csziggy
(34,136 posts)Since they top out for federal coverage. But for brokerage accounts it doesn't make sense. Mostly my parents wanted to keep their net value private in a very small town, but not telling their estate planners the truth was downright stupid.
At least my parents had the sense when they re-wrote their wills in 2011 and set up a professional trust company to be co-trustee with my sister. All the accounts are now consolidated there. My sister is now over 70 and some of my parents' grandchildren's trust will run for another 40 years (or longer if the grandchildren pass before then and their children inherit), so having a company handle things makes sense.
I have a spending account at a SunTrust (soon to be Truist) and my EJ account. Period. With all the other things my Dad kept going being dissolved or sold, my accountant's life will be much easier going forward.
At the moment my biggest headache is that my husband and I are waiting for three estates to be settled - my parents' (which are seperate), and my husband's mother's. Talk about nightmares!
We both were lucky - there were few conflicts about the personal possessions. I gave in on one table I really wanted and basically bought off my sister for a clock. The one big thing still left is a mirror that no one seems to want but that shouldn't just be dumped on the estate sale market. I may take it just to simplify things, but shipping a mirror that is 8'6" tall and over 4' wide is not cheap or easy.