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Trust Provides Peace of Mind
October 15, 2015
When Alexa was 15 years old, her father Joel died unexpectedly, and she found herself the sole beneficiary of his estate. Not only was she dealing with the emotions of losing a parent, but she also was suddenly facing substantial financial decisions.
Daughter is taken care of after losing father
Thankfully, Alexa’s mother – Joel’s ex-wife – Heidi, stepped in. Heidi took on the role of executer of his estate – helping to plan and prepare for Alexa’s future. Heidi felt she had to do something because, as she says, “I wanted to save Alexa – who was still legally a minor – from the adult responsibility of managing a large sum of money.”
After working with a lawyer who did not have Alexa’s best interests in mind, Heidi turned to a personal friend from church who was also a Thrivent Financial representative. “I could totally trust him and knew he wouldn’t take advantage of me (us),” she says.
The Grand Forks, North Dakota, financial representative set Heidi and Alexa on the right path. First, they worked together to direct Joel’s 401(k) funds into an inherited IRA. The remaining question was what to do with the life insurance proceeds. Heidi’s agent, without question, directed her to Thrivent Trust Company. Together, with an attorney, they drafted a trust document.
A trust fund for Alexa was put into place shortly before her 18th birthday. Thrivent Trust Company and Heidi both act as co-trustees on the account and will until Alexa turns 30.
“From the beginning, it’s been a great working relationship,” says Heidi. “Thrivent Trust Company provided a solution I could have confidence in. They give great direction while still allowing me to have an active role in helping with distribution requests mainly for college tuition and housing expenses.”
What’s nice is that Heidi delegated the investment authority to Thrivent Trust Company. This gives Thrivent Trust Company the power to invest and manage the funds while keeping in mind the short- and long-term goals of the young beneficiary.
Both Heidi and Alexa agree that the trust provides a sense of assurance. It provides financial support for Alexa when she needs it most.
It’s never easy to know how best to handle funds in this type of situation. Thanks to the due diligence of her Thrivent Financial representative and the professionals at Thrivent Trust Company, Heidi got the support and direction she and Alexa needed.
“Thrivent Trust Company has been incredibly easy to work with, helping to ensure my daughter’s financial future. We have had no regrets,” says Heidi.
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This individual's experience may not be representative of other clients. This story is not indicative of future performance or success.