Quote:
Originally Posted by Ghat724@gmail.com
Whoever handles your estate must be trustworthy. A successor trustee to a revocable trust has a strict set of instructions that he or she must follow. As the successor trustee to my mother's trust it was easy to pay the bills and distribute the money without questions or demands from my siblings.
Don't name a trust company or bank trust department as the successor trustee. They move slowly and charge large fees. Use them or estate lawyers in an advisory capacity only, if needed. A revocable trust is only revocable by the maker. When the maker dies the instructions in the trust are set in stone. This is the way to go.
Creating the trust is not expensive. I recommend lawyer Any Pittman in Oxford.
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Valuable thread here. Thanks for comments. I'm working on a Trust which may last for more than one generation and I have made these observations re trust administration, governance and compliance:
Most Trust Companies focus on “Assets under Management.” They charge ~1% annually and provide free administrative services as part of the package. In theory, admin services to large accounts are at the same level as small accounts. In practice, corporate trust services can be cumbersome to deal with and they will charge the estate for services such as accounting and to resolve serious legal questions. It might be better to focus the trust management on one or two individuals (with named successors), and have them hire a money manager, accountant, and attorneys as needed.
Any additional comments appreciated!