When Should You Consider a Corporate Trustee?

Until next time, I
look forward to talking to you over the phone or in person
regarding your estate planning needs. and schedule a time to talk
and we can talk either general, let me know. You can go
to dever law dot com slash meeting your trust, if you have questions
about creating one or estate planning in to have one manage their trust.
If you have questions about are the things people look out for
in the event that they want little bit of an idea of what a
corporate trustee is and what also make a little bit more sense.
Hopefully this gives you a Having a family
member serve as a trustee may trust towards one particular
interpretation. in terms of getting distributions sent out amongst everybody or even necessarily following
all the rules of a flexibility in terms of not having
to deal with a lot of red tape trustee or if you want to give the
family a little bit more somebody that you want and that
you know that can serve as a bit more comfortable with a family
member or maybe as your trustee. In other situations,
you may feel a little little bit of thought before you
determine who you want to have certain situations where you may
want to consider a having another family member serve
a trustee. So those are money that you’re not necessarily
keeping in the family by it costs a little bit more for this
to happen and it’s also serve as a corporate trustee. So
certainly in these situations, make sure that there’s enough money
in it in order for them to percentage of assets invested. So
in those situations, they want to gets paid based on a percentage
of the assets or the often times in these situations, the trustee
receives a management fee or kind of see if it’s really worth their
time financially because is worth in order for them to manage
it. They have to often times, some banks require a
minimum amount that the trust When you’re talking about financial institutions such as banks, They won’t necessarily just take
anybody on as a client. have rules for serving as a trustee. especially when you’re looking at
financial institutions, the right corporate trustee. Often times,
corporate trustees, for your trust. In those situations
though, you have to find want to consider having a corporate
trustee serve as a trustee daunting for some. In some situations,
some people may just want to not have to deal with it. So
in those situations, you may can involve a little bit of leg
work. It can be a little has a sort of financial skill, expertise,
and knowledge that may be enough in order to manage a trust.
Managing a trust can be– are if there really isn’t
anybody in the family that Another situation where people
may want to consider corporate trustees then perhaps a corporate
trustee may be the right way to go. a stickler for the rules and you
want to make sure that they are followed, lot of rules in your trust and specifically,
if you’re kind of of professionalism towards managing
your trust. If you have a what a corporate trustee does is
that it provides a little bit they operate and how everything
is organized. And essentially, can also be classified as a corporate
trustee depending on how Other attorneys, for example, can also
serve as a trustee. CPAs, accountants your trust. Often times, people have
banks or financial institutions such as credit union
serve as a trustee. professional entity that actually
serves as the trustee for appointing a corporate trustee.
A corporate trustee is choose a friend, a relative, yourself
can actually be the trustee for a period of time or
you can go through the route of you have options of choosing
a particular trustee. You can talk either in person or over the
phone. Now, when you create a trust, That’s dever law dot com slash
meeting and schedule a time to have questions about estate planning
and probate, you can go to the estate planning and probate
process here in Ohio. If you dever law dot com slash meeting
and schedule a time to talk. Ohio Estate and Probate Q&A. I’m your
host, Scott Hoberg, and this is the show where I answer questions
that you have involving That’s the question I’m going to answer
for you today on again on another episode of Ohio
Estate and Probate Q&A. When should you consider a corporate
trustee for your trust?

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