My mother has much the same situation, and uses individual trustees who
can resign and name a corporate trustee (if there's conflict or any
other reason). You'll need an estates lawyer, but would a corporate
trustee. If you are concerned about competence to handle the estate and
trust, I'd make it individual trustees who can appoint a successor
corporate trustee.

Whadday wanna bet the lawyer has a relationship with a corporate
trustee, as in "Well, from time to time I work with ________. They do
consistently high quality work and are very attentive to communciating
with clients."

Sorry, I wasn't more clear. We are talking about trusteeship once my
parents die, not during their livetime. Once my parents die, the trust
does end. I guess what I'm asking is: how much work is there actually
involved in dissolving a trust? I assume that I may need/want to sell
my parent's houses, so that will entail a real estate broker and
lawyer. Dealing with taxes will probably require an accountant and/or
tax lawyer and just all the paperwork required in dissolving the trust
will require an estate lawyer. Is this all? If this is all there is
too it, than I think a corporate trust company isn't necessary.
However, if there is a lot more complicated work involved in dissolving
the trust, then a trust company may be warranted.

-Jane

<jtatkins[at]intercytex.com> wrote in message
news:1130689206.149179.173350[at]o13g2000cwo.googlegroups.com...

- quote -

I am not sure why the distance between the East and West coasts is all that
important. In these days of the internet, fax machines, etc., the distance
across country is no more troublesome than the distance between two cities
in California 30 miles apart. Before paying a trustee to handle the paper
work of a living trust, examine what the two of you actually would have to
do to keep things in order. It may not be as much as you think. As I
understand it, the difficulty in setting up a living trust is mainly a
matter of making sure all assets are put into the trust, but once that has
been done, things usually take care of themselves. Before making any
agreement with a bank, pay very close attention to what is being agreed to
and what is being charged.

On Sun, 30 Oct 2005 13:07:12 -0600, jtatkins[at]intercytex.com wrote:

- quote -

I am going to assume that we are talking about trusteeship during your
parent's lives, after which the trust ends and any remaining assets
come to you and your brother.

That being the case, and given the distance, I would happily agree to
a corporate trustee with two key provisos:

1. That we are talking about a reasonable trustee compensation (around
1-1.5% yearly, depending on services rendered), and,

2. That the trust agreement specifically allows you and your brother
to replace the corporate trustee with another corporate trustee or any
trustee of your choice, including you two. I've found this little
clause makes trustees very reasonable - especially helpful when future
conversations involve trustee compensation, investment selection and
some money managers propensity to buy and sell frequently, a trustee
favoring his/her bank's particular funds, etc. <grin



-HW "Skip" Weldon
Columbia, SC

- quote -

My parents have a revocable living trust and currently has my Uncle as
designated Trustee. Now that my brother and I are adults, they want to
change it to put my brother and me as trustees. My parents live on the
West coast and both my brother and I are on the East coast. Their
lawyer suggested a corporate trust company to ease the burden on us
since we live so far away. My parent's estate right now is around 2-3
million, including 2 homes (one in California and one in Nevada). I'm
not sure what other facts are pertinent to deciding between a corporate
trust company or my brother and I as trustees. Please let me know if
more information is needed to make an informed decision.

On Fri, 28 Oct 2005, jtatkins[at]intercytex.com <jtatkins[at]intercytex.com> wrote:
- quote -

I guess it depends what kind of trust. It is best to have someone cabable
that you trust handle it, but not someone in the financial business who
may shuffle funds around just for their own benefit (to make broker fees,
etc.).

There's no simple answer to that question. Both have advantages and
disadvantages. Could you provide more detail on the fact pattern?

Does anyone have any advice on which is better as trustee of a trust:

a corporate trust company or an individual (close fried/relative)?

Any advice would be appreciated.

Thanks,
-Jane