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Financial Institution Trustee
Old 11-30-2013, 04:36 PM   #1
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Financial Institution Trustee

We need to name a trustee for trust and asset management outside the family. Our older relatives are now getting on in years and it is unlikely they will outlive us.

I have read here about using Vanguard or Fidelity as a trustee. Have you used any other financial institution? If not, between the two which one did you choose and why?

The percent fees seem quite high to me, even at Vanguard, but I don't think we have a better alternative right now.

Thanks for any help.
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Old 11-30-2013, 05:25 PM   #2
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Unfortunately, I don't think you will get much feedback on the end results........
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Old 12-01-2013, 12:10 AM   #3
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Have you considered a CPA, attorney, or financial planner? Preferably a local one, but I have known people to use one in a distant city.
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Old 12-01-2013, 08:49 AM   #4
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IMO, you won't find a better choice than Vanguard. They bring together under one roof the best characteristics of a corporate trustee. Full disclosure: I spent my 35 year career in the bank trust business.
Bruce
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Old 12-01-2013, 08:51 AM   #5
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Have you considered a CPA, attorney, or financial planner? Preferably a local one, but I have known people to use one in a distant city.
Generally a poor idea. Can any of these individuals bring you perpetual existence, financial responsibility, group judgment, skills in all aspects of trust administration including legal, tax and investment, and impartiality toward your family members?
Bruce
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Old 12-01-2013, 11:44 AM   #6
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IMO, you won't find a better choice than Vanguard. They bring together under one roof the best characteristics of a corporate trustee. Full disclosure: I spent my 35 year career in the bank trust business.
Bruce
Okay, thanks. I suspected that would be the case.
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Old 12-01-2013, 11:52 AM   #7
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Generally a poor idea. Can any of these individuals bring you perpetual existence, financial responsibility, group judgment, skills in all aspects of trust administration including legal, tax and investment, and impartiality toward your family members?
Bruce
Yes, we are more comfortable with a perpetual existence type place with in house experts in tax reporting and an internal auditing department. A lot of smart people trusted Bernie Madoff to manage their money, so I would be worried we could pick someone like that if we went with a single individual.
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Old 12-01-2013, 12:03 PM   #8
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IMO, you won't find a better choice than Vanguard. They bring together under one roof the best characteristics of a corporate trustee. Full disclosure: I spent my 35 year career in the bank trust business.
Bruce

Does Vanguard do all the various trust business


I know that banks can do some pretty strange kind of trusts, but you will pay for the hand holding if needed..... but, you can be confident that they will do what you want most of the time....

I do not know if Vanguard has the same hand holding ability..... if they do, then they would be a good choice.... but for some, they like to be able to go and meet their trustee.....
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Old 12-01-2013, 12:38 PM   #9
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We use The Private Trust Company - About PTC to manage the trust issues with our remainder estate, along with our elder law attorney (legal issues) and our estate financial advisor (investment/financial guidence).

This "tri-management team" was put together to manage the issues for our disabled son, after our passing.

With three separate people/institutions, we're not leaving it in the hands of just one entity, and while it took quite a while to set up (over a year, and that includes the research/decision making), we feel confident that this is the best we could do for our son, in our specific situation.
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Old 12-01-2013, 03:31 PM   #10
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Does Vanguard do all the various trust business
I believe they provide most personal trust services, but they do not act as a personal representative/executor.
Bruce
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Old 12-01-2013, 03:47 PM   #11
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Originally Posted by rescueme View Post
We use The Private Trust Company - About PTC to manage the trust issues with our remainder estate, along with our elder law attorney (legal issues) and our estate financial advisor (investment/financial guidence).

This "tri-management team" was put together to manage the issues for our disabled son, after our passing.

With three separate people/institutions, we're not leaving it in the hands of just one entity, and while it took quite a while to set up (over a year, and that includes the research/decision making), we feel confident that this is the best we could do for our son, in our specific situation.
Okay, thanks I will check into them.
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