Regarding beneficiaries, my attorney drafted a rather non-trivial description of what we needed for beneficiary.I have two issues with Vanguard.What "estate planning issues" do you speak of ?Because of estate planning issues, my DH and I are considering moving from Vanguard to Fidelity.
I had a non-trivial estate plan created last year and Vanguard helped implement what was need there.
My attorney did indicate he had other clients who did same at Fidelity should I have any issues at Vanguard, but no issues arose.
I did move to ETFs mostly but not just so I can move to another broker.
There are pros and cons but porting to another broker was one consideration for any future issues that may arise.
More immediately, I prefer lower fees, intraday valuation of my account, making intraday rebalancing easier.
I have dividend reinvestment automated in IRA accounts at Vanguard, don't want that in taxable accounts.
For any automated cash transfers I have typically used a Vanguard money market fund to hold some cash and feed required cash to a bank either automated or adhoc at times. You can also turn off dividend reinvestment and allow the dividends to go to a money market fund from where it can easily be transferred to a bank or another account. This all works fine at Vanguard.
1. Establishing Beneficiaries as desired
2. Vanguard does not accept DPOA
Again thank you all for the thoughtful responses.
We did have to speak to a couple of different people at Vanguard until we found someone who understood what we needed and created a "custom beneficiary" using our document. The person who finally took care of it even admitted that some departments don't really understand this. But it is supported by Vanguard if you get the right team. Was a year ago for me, but try this email beneficiaryteam@vanguard.com
Regarding DPOA, what is your purpose ?
Trustees do not need a DPOA to manage.
Successor trustees will be able to take over the accounts when you are unable, without DPOA.
One can also designate someone else to have access to any accounts, via their own login, if you want them to help manage your acct.
My spouse gave me access to all her accounts online. Was a bit more manual to do so for a trust, as they required a paper form rather than the all online process for trusts. Your trust just needs to indicate in theory that the trustee (my spouse let's say) is able to delegate tasks such as asset management to someone else. Most trusts allow this, and even if not clearly worded as so, Vanguard didn't even look at the language of our trust, they just wanted to see the 1st/last pages with trust name/date/signatures.
Our atty did draft the POA documents but we have never used them for anything and do not seem to need them at Vanguard to manage our accounts.
Statistics: Posted by beyou — Tue Apr 30, 2024 11:31 pm