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Personal Finance (Not Investing) • Does Vanguard allow a third beneficiary?

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It's not clear what the "trust failing" refers to.

Did not a competent trust attorney draft it?
Or are you referring to issues with the trustee of the trust failing to perform, or perhaps the more typical concern of a trust failing to be "qualified" for RMD look through purposes, which obviously only refers to RMDs?
Yes, the attorney is competent.

I think he meant "failing" in a general sense where anything can happen that would prevent the trust from fulfilling its purpose. After looking it up online this could be many things. Perhaps at the time of the death of the settlors a named trustee is deceased or unable to serve as the trustee and there are no other trustees named. Or many other reasons such as legal disputes, vague language in the trust, laws changing without the trust being updated, etc. etc. etc....
Seems like the trust could be written up to avoid most any scenario short of a judge getting involved. If the trust gets so screwed up that a judge has to get involved, there is no guarantee he would agree to just scrap the trust and give it to the third tier beneficiary anyway.

In any case, if it’s important, give Vanguard a call. If it’s not that important, continue to try and find some online-only mechanism.

Statistics: Posted by rkhusky — Wed Aug 28, 2024 9:02 pm — Replies 26 — Views 1147



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