Send the draft trust at the end of this report, or a completed
copy with the correct names, open quotation etc. to your
prospective custodian. It should be accompanied by a letter
stating that you “have read and approved the trust and are
not seeking legal advice”.
You could fill in a blank in pencil with preliminary trustees,
beneficiaries, addresses and other information. The
custodians are concerned about the exact terminology of
them as “Administrator” and the proper vesting of the IRA
Consideration should be given to your successor
beneficiaries and to successor trustees. Unless your trustee
is a Corporation or other entity that will not die, you should
name a trusted friend or relative to be a successor trustee so
that the operation of your IRA is not impaired upon the death
or disability of your trustee.
If your prospective custodian has minor modifications or
constructive suggestions that you can implement, you can
agree. If they require major modifications or a legal opinion
from your attorney, you should choose another custodian.