Episode 37: Designating Your Representatives, and Picking Stocks

Big Picture Retirement Listener Questions

It’s time for the monthly listener questions episode here at Big Picture Retirement.  This week, Devin and John talk about assigning people to act for you, and picking good stocks for your investments.

First, Brenda has a question about naming a successor trustee for a trust she has set up.  In many kinds of legal and estate planning documents, you need to designate someone to act on your behalf.  John explains the four options for naming those folks:

  • To designate an individual, with a list of back-up people in order
  • To designate two or more people who can each independently act
  • To designate two or more people who have to work together
  • To hire a corporate trustee

Which one is right for you?  You have to consider your estate and the people you have available to do the job.

Highlights include:

  • The pros and cons of each option
  • When more people can be good, and when more people can be bad
  • Why a corporate trustee should always be the final designee
  • Issues that corporate trustees don’t want to work with

Next, Chris asks how to pick better stocks and stop losing money in the stock market.  Devin shares that despite his experience, and the resources available to him, he hasn’t had a lot of success with individual stocks.  He’s had better luck diversifying, such as in an index fund.  Then, John explains his philosophy with a great story about glove box money vs. casino money.

Resources mentioned in this show:

Enter the Echo giveaway at www.bigpictureretirement.net/echo

Devin and John’s free ebook: www.bigpictureretirement.net/steps

Don’t forget to subscribe to the show, and leave a rating and a review!

Do you have a question for a future Listener Questions episode? Submit it to questions@bigpictureretirement.net.  Devin and John can’t answer every question on the air, but select questions that will provide information useful to the most listeners.