Video Summary
Should I name a corporate trustee, like a bank or trust company or an individual trustee? Well, I believe that corporate trustees or trust companies are very well suited to handle large trust where there’s a lot of assets and it’s a continuing trust, meaning that the trustee is directed to hold the asset, invest it, and give the income or make distributions over a period of time to the beneficiary, such as hold the money until the beneficiary reach his age 35 and only give them income. They need to make investment choices, and they would do a very good job of as far as investing. One of the factors involved with the corporate trustee is their fee schedule and that you might want to check to see what their minimums are and what size of trust they usually like to handle, and that usually they have certain minimums as what it would cost them to handle it. On the other hand, if you have an individual which you trust, or one of your children or a relative who you believe could handle this and you have make provision for your assets to be distributed outright, then an individual may work out just fine and that they can simply marshal the assets or inventory them and then either sell them or turn around and distribute them in kind to the beneficiaries. And so, it’s not that complicated. Sometimes you want to name an individual, particularly if you have a minor or someone, a special needs person, and you want the human element of them to be able to make decisions as if the child or the beneficiary was theirs. So those are some of the factors to look at as far as individual versus corporate trustees. And usually, an individual does not charge the same rate as what a corporate trustee would. My phone number is (727) 847-2288If you have any questions