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I have a living trust that is a special needs trust. I have no close relatives to appoint as executor and wanted to have someone from financial institution . My trust includes my home, valued at $1,000,000 and about $100,000 in savings. Is this enough money for a trust officer to be appointed?

Brythan
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linda
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2 Answers2

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Contact the trust departments of your local banks and find out what they offer. Determine what their annual trust administration fee is as well as possible fees for investment management (percentage of assets under management), distribution adviser or a trust protector, tax preparation and legal services. Some trustees bundle all of these together.

Also, contact investment banks. As an example, even Vanguard is in the business. Though not a recommendation, its trust administration fee is a flat $2,500. Its asset management fee starts at 0.7%, but falls to .5% as assets increase.

I set mine up with a local regional bank about 10 years ago and I integrated my lawyer of 30+ years into it. There have been no charges whatsoever since I currently direct it and there will be none until I am non compos mentis or have been fried.

Bob Baerker
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Coming years later, and with no accepted answer, this is likely for the benefit of others, but nonetheless...

First, it's important to understand that an "executor" oversees the disposition of assets, many through probate, according to a will. Assets in a trust avoid probate as they are dispatched by a "trustee" according to the directions specified in the trust document.

In case the question meant to use "trustee," then NM on that, but in either case, what @Bob Baeker wrote.

The above applies to a typical special needs trust (SNT) since they fall under the broad living trust umbrella.

Without doubt, deciding on either an executor or a trustee (or both) can cause the greatest anxiety in the estate planning process. Search diligently, probe deeply, and don't assume family members are of good character by the mere virtue of being related to you!

u2n
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