Successor Trustee


Many clients wonder who should be selected as their successor trustee, or if they have a will, the personal representative. The following assumes there is no person who is an appropriate choice and therefore they will be looking for a corporate trustee, typically a bank trust department.
When looking for a corporate trustee, I suggest a meeting with the trustee to ensure your expectations can be achieved. Several issues should be discussed including fees, where the trust officer servicing the account will be located (in some cases they can be in other states which can be inconvenient for beneficiaries), the investment philosophy and track record of returns on investment.
If the beneficiary has special needs you should inquire as to their experience in this area.
I would also inquire as to the turnover in the department. Some banks will provide an officer who will stay with the account for many years and learn the needs of the beneficiaries while others use the department as a training ground with frequent turnover.
Doing your homework in selecting a corporate trustee can be an important decision that justifies spending the time to make a wise decision.

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