How to Find a Corporate Revocable Trust Trustee

By Jennifer Williams

Revocable trusts exist to secure personal assets against taxes and avoid the drawn-out process of probate. They are long-term financial tools that require knowledgeable management consistent with the beneficiaries' best interest. Individuals may choose a corporate trustee because of the wide variety of financial management services available from the corporate infrastructure. Corporate institutions acting as trustee are also backed by significant assets that provide security in the unlikely event of financial mismanagement or fraud.

Revocable trusts exist to secure personal assets against taxes and avoid the drawn-out process of probate. They are long-term financial tools that require knowledgeable management consistent with the beneficiaries' best interest. Individuals may choose a corporate trustee because of the wide variety of financial management services available from the corporate infrastructure. Corporate institutions acting as trustee are also backed by significant assets that provide security in the unlikely event of financial mismanagement or fraud.

Step 1

Compile asset and financial information about the trust. This need not be a comprehensive professional audit, but enough information to help you determine which banks, credit unions or trust companies are best suited to manage a revocable trust of its size and value.

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Step 2

Make a list of banks, credit unions and trust companies that provide trustee services for revocable trusts. Contact the trust department of each institution on your list and identify whether they offer services for trusts of your size and value. Many of the larger banks and trust companies have a threshold trust value that your trust must meet before they are willing to provide trustee services.

Step 3

Decide how much you are willing to pay for trustee services. Discuss fees with the institutions your are considering; fees charged for trustee services will likely vary between each. Eliminate any institution whose charges are too high.

Step 4

Ask for references from the corporate trustees you are considering. Contact the references provided. Ask how long the institution has served as trustee. Find out if the same individual from the institution has served as trustee for the duration of the relationship or if there has been a lot of turnover. Ask how accessible the individual assigned as trustee has been to the trust beneficiaries and how quickly business is conducted. Detailed financial information my be held confidential, but the references should be willing to reveal whether trust assets have generally appreciated in value under the corporate trustee's management. Finally, ask how satisfied the reference contact is with the trustee services provided.

Step 5

Decide which corporation to have act as your revocable trust trustee. Execute a contract for trust services with the institution. Specify in the contract the circumstances under which you may terminate trust services without penalty, such as significant decline in trust asset value.

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How to Choose a Successor Trustee for My Living Trust

References

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Appointing a Bank as a Trustee

Many people may consider hiring a bank to act as a trustee instead of appointing a relative or friend to manage their financial affairs. A bank may have more experience managing property and would be more likely to manage the trust’s assets impartially and professionally. The downside of using a bank as a trustee is that it charges a fee for its service. Also, the creator of a trust may want someone with whom he has a personal connection to oversee the trust property.

How to Set Up a Joint Revocable Trust

A joint revocable trust is a type of living trust where you with your spouse, or you with another party, assign property to a trust to be distributed after you die under the guidance of a trustee. Spouses typically use joint revocable trusts to avoid probate and create a living trust for both spouses in a single document. As the name suggests, a revocable trust can be revoked by one of the creators at any time. Joint revocable trusts will have different requirements and advantages in every state and as such, it's advisable to contact an estate attorney or a document preparation service before setting up a joint revocable trust. If you do decide to create a joint revocable trust, the allotted assets in the trust will pass through your trust at your time of death rather than through your will. Prior to proceeding, you will need to familiarize yourself with some terminology associated with trust funds. The person creating the trust is known as the grantor or trustor, while a trustee is the organization or individual in charge of administering the trust. A beneficiary is the individual who will receive the proceeds of the trust, while residuary refers to any property remaining in the trust after the beneficiary has received the benefits of the trust.

How to Choose an Administrator for My Living Trust

A living trust is a trust formed and funded during your lifetime, as opposed to a testamentary trust, which is created as part of your will. A living trust is managed by a trustee, or administrator, who is held to strict standards of fiduciary responsibility, which requires that the administrator employ fair dealings toward all beneficiaries and prudent investment of the trust's funds. Choose a skilled, efficient financial administrator to ensure that your intentions for your living trust are fulfilled.

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