Choosing your trustee is an important choice. The ideal trustee is reliable, excellent with money, and appreciates you. If you do not have a member of the family helper who fits this description, you may want to call a corporate fiduciary (a bank or trust business) to act as a co-trustee with a member of the family or as the sole trustee.
Banks will function as trustee of your trust and/or administrator of your estate. Obviously, they must be paid for their work. All trustees deserve to be spent for their work. Charges range from.75% up to 1.5% of the properties. There is likely an extra fee for property management as many banks demand supervising of the financial investments if they are serving as trustee. You can discover the specific trustee fees and property management fees on the bank’s website.
Often bank trustees have special requirements to functioning as trustee. These requirements should be included in the drafting of your estate plan. If you are naming a bank as trustee, your estate planning attorney will get in touch with the bank to determine what language, if any, should be included in your trust. Your estate planning attorney will likewise go over a trustee succession plan. For example, would you want your beneficiaries to be able to eliminate the bank trustee and replace it with a different bank if they are unhappy with the service or if the bank you call gets “eaten up” by among today’s mega banks?
When considering whether a bank trustee is proper for you, remember that your member of the family trustee can hire all the aid she or he requires. Commonly trustees work with estate planning attorneys, CPAs, bookkeepers, and financial consultants to direct them and make excellent decisions.