What assurances are there that WWWB will still be in business when I pass?
Great question. WWWB has been in business for almost 20 years and are taking steps to ensure its longevity by hiring and training the next generation of trustees. Also, being a wholly owned subsidiary of a financial services firm that is regulated by the SEC, if the worst possible case were to occur, steps have been taken to have these agreements taken over by another trust services firm, if needed.
I have heard that it is possible for firms to get control of my assets and sell everything quickly, since they can collect a percentage of the sale?
Our trustees our recognized by the legal system as fiduciaries, whether managing trusts, conservatorships or guardianships. They are held to a higher legal standard and higher auditing procedures. In addition, they do not receive any compensation for sales of assets. They are paid on a fee basis and their rates are provided when services begin.
I have been told that fees can get very high, since they are always discussing items with lawyers and those fees are expensive.
Because of our experience and training, normally, lawyer interaction is very limited. It can occur, however, when someone wants to contest the trust or other court decisions. In those instances, attorneys may be brought in to protect your intentions and desires on how your assets are distributed.
What services do the trustees/guardians/conservators do?
In essence, they act on your behalf. After your passing, most people do not realize or how to accomplish the tasks needed to close your estate. It is possible, that interactions may have to occur with real estate agents, accountants, lawyers, the IRS and others to successfully close the estate. Though, it is possible for anyone to accomplish these tasks, mistakes made in filing or not filing can become very costly.
What if the trustee/guardian/conservator makes a mistake?
Though rare, it is possible. Our firm is insured/bonded in case these events occur.
My child is extremely smart and capable to handle all the things that need to be done.
Managing an estate is not something most people are trained to do when needed. Though your child could do all the items needed correctly, they will be learning “on-the-fly” which will take more time, be in mourning and need to deal with other family members (and possibly their spouse) in explaining how things are progressing. That is a lot to deal with and has shown to be a situation where existing family situations can be ruined. A situation which most people do not want to make be the last gift they give to their family.
My child wants to be the Executor.
Have you talked to them about that? Most will agree to do out of a sense of obligation versus desire. Most people who have heard what it takes to do this or the possible strife that could occur from it, will not readily agree to take this on.
If it normally costs $4,000 or more to execute the items needed, why are you offering this deal at such a low price? Part of me thinks this is a scam.
We recognize the value we are giving and did not offer it lightly. We understand the value of our work and take pride in its quality. The reason for the offer is simple: In the US today, most people cannot easily receive these services. In many places the only option to find a trustee is through a bank and they mostly only accept being the trustee if your assets are at a certain level. Our goal, is to take the company national and offer these needed services to everyone, irrespective of the amount of assets one has. The funds are going to be used to pay for the expansion. We only needed a certain amount of funds, which is why the offer is limited.
How can I receive more information about the services or the offer?
Please provide your information and question in the provided area or call us at 616-866-2721 and one of our trustees, Jan Waterway, will be happy to speak with you.