Trustee Services and Fees
Trustee Services
The following is a summary of actions to be taken as Trustee:
- Marshalling and creating an inventory of all trust assets including all accounts and real and personal property and insuring that they are held in the appropriate trust name;
- Making all of the required notifications to interested parties and establishing lines of communication;
- Dividing the trust assets into the appropriate trusts as designated in the trust document;
- Setting up all appropriate records and accounting procedures required to document trust activity;
- Assembling a professional advisory team required to carry out all of the provisions of the trust including legal and accounting requirements and property management services if appropriate;
- Ensuring all required income tax returns are filed as well as estate tax returns if appropriate;
- Communicating with all beneficiaries and creditors of the estate and trust;
- Assuring assets of the trust(s) are prudently invested so as to best meet the desired benchmarks of the trust for income and growth for the beneficiaries;
- Providing an annual accounting of the trust activity to the designated beneficiaries;
- Winding up the trust and distributing assets to the designated beneficiaries as provided for in the trust document.
Trustee Fee Schedule
Trustee’s fees are charged in arrears on a quarterly basis.
First $1,000,000 ............................. 0.50%
Next $4,000,000 ............................. 0.40%
Balance of Trust Assets ................ 0.30%
Minimum Annual Fee ................... $5,000.00
Additional fees
Additional compensation for services necessary to administer the Trust or special assets will be charged. Charges for tax return preparation, real estate and closely-held business interests, estate or trust estate settlement and legal matters will be charged at the trustee’s published fee schedules and professional time rates plus out of pocket expenses.
Account closing fees
There are no closing fees, provided the annual minimum trustee administration fee has been collected during the calendar year in which the account was closed. If the annual minimum has not been collected, closing fees will be applied, plus out-of-pocket expenses.
Investing financial securities
The goal is to work with clients to design, implement, and monitor an investment plan. The provisions of the trust agreement will provide guidelines for investing and distributing the assets of the trust. The selected financial advisor can provide detailed information on investment strategies as well as their fee structure, which is charged separate from the Trustee’s fees.
Power of Attorney
Services vary based upon the complexity of assets being managed, but typically a fee of $ 2,500 per quarter is charged for these services
Life insurance trusts (unfunded)
Annual Fee ................................... $1,750
First $1,000,000 ............................. 0.50%
Next $4,000,000 ............................. 0.40%
Balance of Trust Assets ................ 0.30%
Minimum Annual Fee ................... $5,000.00
Additional fees
Additional compensation for services necessary to administer the Trust or special assets will be charged. Charges for tax return preparation, real estate and closely-held business interests, estate or trust estate settlement and legal matters will be charged at the trustee’s published fee schedules and professional time rates plus out of pocket expenses.
Account closing fees
There are no closing fees, provided the annual minimum trustee administration fee has been collected during the calendar year in which the account was closed. If the annual minimum has not been collected, closing fees will be applied, plus out-of-pocket expenses.
Investing financial securities
The goal is to work with clients to design, implement, and monitor an investment plan. The provisions of the trust agreement will provide guidelines for investing and distributing the assets of the trust. The selected financial advisor can provide detailed information on investment strategies as well as their fee structure, which is charged separate from the Trustee’s fees.
Power of Attorney
Services vary based upon the complexity of assets being managed, but typically a fee of $ 2,500 per quarter is charged for these services
Life insurance trusts (unfunded)
Annual Fee ................................... $1,750