A bank can be hired simply to act as trustee or
also to manage the assets. Many banks will also
assist a family member or whoever is named as trustee
to fulfill his or her duties by providing accounting
and safekeeping of documents.
Fees and costs for drafting, administering and
managing a trust will vary depending on where you
live and how complex the trust is. Attorney fees
for drafting the document will probably run about
$1,000-$1,500 if there's a husband and wife involved.
A less complicated trust could cost about $500.
Banks usually charge a fee to act as trustee, more
if they are also managing the trust's assets. The
fee will be a percentage of the assets. While banks
have been offering trust services for a long time,
brokerage firms and now credit unions are looking
to invade that turf.
Make sure the attorney who drafts your document
is an experienced estate-planning attorney. Get
some advice from him or her as to which institution
might be the best trustee.
