Then you approach a bank about trustee services and administering the trust. We review the documents and, if necessary, talk to the client about changes that may need to be made. A bank can be hired simply to act as trustee or also to manage the assets. Many banks will also assist a family member or whoever is named as trustee to fulfill his or her duties by providing accounting and safekeeping of documents. Fees and costs for drafting, administering and managing a trust will vary depending on where you live and how complex the trust is.
Banks usually charge a fee to act as trustee, more if they are also managing the trust's assets.
The fee will be a percentage of the assets. While banks have been offering trust services for a long time, brokerage firms and now credit unions are looking to invade that turf. Make sure the attorney who drafts your document is an experienced estate-planning attorney. Get some advice from him or her as to which institution might be the best trustee. Bankrate Inc. All rights reserved.