Often a family member is named co-trustee with an independent trustee to solve this problem. Professional Trustees Bank trust departments are the most frequently named professional trustees. Banks tend to be stable, good at record-keeping, and many have good professional money management services. Many Michigan banks have served generations of Michigan families. Under most circumstances, a bank trust department is the best choice for a professional trustee.
Banks do have some disadvantages however.
First, banks charge substantial fees for serving as trustee. Second, some banks seem to have high turnover in their trust departments so that the person you initially talk to may not be the person who ultimately administers your trust. Third, banks seldom have any particular understanding of your individual family. Some clients prefer to use a professional such as a C.P.A. or lawyer with whom they have a close relationship to act as trustee. Under those circumstances, the service may be more personal but it is not likely to cost less than a bank.