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Christopher B, Esq
Christopher B, Esq, Attorney
Category: Estate Law
Satisfied Customers: 2982
Experience:  Litigation Attorney with education focus on estate planning and tax
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My husband has a trust (CA). s banker is of America/Merrill

Customer Question

My husband has a trust (CA). his banker is B of America/Merrill Lynch. The stockbroker for Merrill Lynch says it is a good idea to add their advisor team as executors on the trust. I am the current executor (his wife) I do not think this is a good idea
Submitted: 1 year ago.
Category: Estate Law
Expert:  Christopher B, Esq replied 1 year ago.

My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

There are some pluses in having a large entity as an executor on a trust as the that entity will never pass away and thus you will never need to have a successor trustee. There are many minuses though such as there is most likely a very large fee that will eat into the assets of the estate. You as the spouse probably know the intent of your husband better than any stockbroker could. Sometimes it is a good idea to put a large entity at the end of a list of successor trustees as that will ensure that the trust will have an executor to distribute assets. If you and any other relatives are named as trustees or successor trustees and the estate is relatively simple and the assets relatively small then it probably does not make sense to use Merrill Lynch as an executor of the trust.

Please let me know if you have any further questions and please positively rate my answer if satisfied.

Expert:  Christopher B, Esq replied 1 year ago.

I see you reviewed my answer, please let me know if you have any further questions and please positively rate my answer as it is the only way I will be compensated for my time by the site. There should be smiley faces or numbers from 1-5 next to my answer, an excellent or good rating would be fantastic. I want you to be satisfied so I will continue to answer any questions you may have and I thank you in advance for completing this extra step as it will not cost you any additional money.

Expert:  Christopher B, Esq replied 1 year ago.

Any chance for a positive rating?