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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Get out of BOA/Merril. They are awful to deal with for your heirs. Please. I beg you. [/quote]

Wait why?? We have a ton of money invested through them and I didn’t know this!! We are leaving a lot to our kids hopefully and my parents are with BOA/Merrill wealth management too!!! 
What? Details
Please?[/quote]

Hi--I'm the poster who said BOA/Merrill was horrible to deal with as an heir. I was the successor trustee for my aunt's trust. She has since died and I was her executor. Her husband was my blood uncle and they had no children. While she was still living, she became unable to feed herself, drive safely, and stopped paying her bills regularly. As successor trustee, I took the letter of diagnosis from a psychologist declaring her incompetent with severe dementia and not expected to ever improve, a copy of the trust naming me as successor, the Durable Financial Power of Attorney, and my own identification to BOA to activate my rights to manage her money. Oh, my God! It took months, many in-person meetings, filling out huge amounts of paperwork, leaving work in the middle of the day over and over just to get the rights that were so clearly her intention. BOA gave me the runaround, always promising it was just this easy, but I was so frustrated.  And this was with a simple set-up where her bank account was already in the trust and her entire estate consisted of this BOA checking account, a BOA savings account, and a studio condo in DC all in the trust. That's it! Total of around $500k net worth.

And, get this, the savings account was earning 0.01% interest and they refused to move it to anything even though they offered several accounts paying closer to 1-2% at the time. It was horrendous and even the in-person staff who were kind and trying to help had to sit on hold with call centers to get anything done. Hours and hours of my time. UGH!

I was so glad the day the last check to my cousins cashed, I had paid all the taxes, and I could close the account. All in all, it was a 6 year ordeal. [/quote]

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