FINANCIAL/LEGAL

Just got call from Linda Noonan, Esq. She called back to verify that both VL and I are 'successor trustees' of both Mom and Dad's bypass trusts.

When Dad dies, his trust stays put -- but it is "for the benefit" of Mom. We will no longer have POA but must register 'Letters' with the court to notify them of our trustee role. Letters are then sent to financial institutions (Wachovia & Vanguard) so we can legally sign his checks etc as trustees.

I need to find out if the 'cash sweep' accounts at Wachovia are a part of the trust or not. Noonan said that Social Security checks should not be deposited into trust accounts -- just accounts that are in the individual's name. I will call Mark Schaaf at Wachovia.


- posted by Rodney B. Murray, PhD @ 12:15 PM