Investment concerns

[SataOpL]

What is the name of your state? IA

Heres the dilemna. My daughter a broker offered to invest money for me and I agreed given the prospects of money over some risk. I have about $132,000 I let her allot for investment and this is a very large part of my estate. The problem is I only want her to invest, but have no claim to a will except any I specify.

I'm somewhat worried with the investments because I'm skeptical something fishy is up since she had me put her address on the applications in the mailing section box and I want to verify the money is mine and the way I determine to give money out when I pass will be selected the way I choose via the WILL, correct?

Now a while back I submitted applications, but with her address what power does she have? Other than checking online, how can I verify ownership?

She had me fill out forms and I placed my name on them as owner except she said she needed the prospectuses which is now scaring me... So the mailing address is her (does this give her power?) She lives in New York and I live a distance away in Waterloo.

On the forms I put my name as the owner with my cashier checks as well as a voided check so they can direct deposit dividends tome but her address as the mailing address. There was an option of a "JOINT ACCOUNT" which she easily could have filled out as well so I had her younger brother mail it so only I had my name on and no JOINT ACCOUNT.

Now if I specify in my will which stock accounts go to whom (assuming I can??), would she be able to claim partial ownership for funds? Secondly how could the inheritor sell if their names aren't on the funds?

The reason being is that I also have another 23 year old son who I'd prefer take care of my 14 and 17 year old daughters given
that he is more trustworthy and preferred.

But could my daughter who is investing contest in the will she managed the funds therefore she'd be best to raise my daughters? Also since she is married with 2 kids argue she's best suited to raise another one? What power can she extert by having her mailing address be hers? I'm not in the best of health, and just worried because my son and older daughter don't like each other and wouldn't be surprised in a money contestation will occur when if I pass.

I want to confirm I'm in charge. She said only I can buy and sell, and that she can only see information, is this completely true?

Also can I give money or estate to my younger daughters, or do they have to be legal adults?

Please help any suggestions or information will be greatly appreciated.

 

[Dandy Don]

Why would you make the mistake of putting your daughter's address on the forms (did she ask you to do this?) instead of YOU retaining control--what was wrong with putting YOUR OWN ADDRESS on the forms? If she told you to use her address then this is very fishy.

Just because she is your daughter doesn't mean she can't or won't be dishonest in trying to get access to your money--I can predict right now what is going to happen--a large portion of the money is going to be lost through risk--you get a greatly reduced portfolio and she gains by having charged you a large percentage commission up front.

It is okay for her to look at the prospectuses but that is what YOU should be doing as owner--reading every page to see what the fine print and stipulations are.

What is the name of the company that you have invested your money with and is your daughter an employee of that firm or does she just steer clients toward that firm?

As it stands now, it appears YOU have the right to control what happens to the monies, but you need to submit an address change right now to get it corrected to your address, and you also need to get a second opinion from another broker or an estate planner as to how best to achieve how you want these monies to be handled as part of your estate. If there is someone else at the investment firm that you can talk to about this, you need to get your questions answered from someone who can give you an unbiased opinion and you need to be able to not believe everything that your daughter tells you or at least be smart enough to get a second opinion to find out if what she is telling you is true or not.

Your instructions in the will are going to be completely separate from your instructions about your investment monies--the investment monies can be set up with specific beneficiaries (if you wish) or they can be added to your estate if you decide not to name beneficiaries.

Get the paperwork from the investment firm to find out if you have a joint account or not or if you have named any beneficiaries. Haven't you received any statements from them showing whose name is on the account? Deal with the company directly and stop going through your daughter. If she has any questions tell her you have decided to take responsibility yourself for managing your affairs, and stop telling her eveything you are doing.

 

[Bigfoot]

You especially need to know if your daughter is investing as a part of her services with a brokerage firm, and exactly what level of services she is legally authorized to perform.

If she's working with her brokerage firm, then it seems she would already have access to any necessary paperwork as your representative.

You've no doubt heard the saying, 'if it looks walks a duck, looks like a duck, and quacks like a duck'...