workburnout
Recycles dryer sheets
How much does a trustee bank (such as Fidelity or Bank of America, etc) charge, typically?
Is it an annual fee or is it paid upon opening the account, or upon death, or both?
The only assets I want to put in the trust are possibly my house (worth under $200k) and $400K of my Roth and non-IRA investments. I want to do this by designating the trust as beneficiary.
I don't want anything done to the trust unless I die which may not happen for 40 or more years.
If there is a large annual fee I'm wondering if it's worth doing.
I've been reading online seeing these huge yearly fees for trustees, and I don't know if that's right or not.
A lot charge a percentage of assets under management. However, if I change what I put in the trust from year to year, as my assets grow or I take some out of the trust, how will they know what to charge?
I often open new accounts to move money around - then want to designate the trust as beneficiary - so would I need to notify the trust each time I open a new account so they can add more fees?
Edit: The attorney said the trust would be a revocable spendthrift trust.
Is it an annual fee or is it paid upon opening the account, or upon death, or both?
The only assets I want to put in the trust are possibly my house (worth under $200k) and $400K of my Roth and non-IRA investments. I want to do this by designating the trust as beneficiary.
I don't want anything done to the trust unless I die which may not happen for 40 or more years.
If there is a large annual fee I'm wondering if it's worth doing.
I've been reading online seeing these huge yearly fees for trustees, and I don't know if that's right or not.
A lot charge a percentage of assets under management. However, if I change what I put in the trust from year to year, as my assets grow or I take some out of the trust, how will they know what to charge?
I often open new accounts to move money around - then want to designate the trust as beneficiary - so would I need to notify the trust each time I open a new account so they can add more fees?
Edit: The attorney said the trust would be a revocable spendthrift trust.
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