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Schwab as trustee, actual experience?
Old 03-02-2021, 02:51 PM   #1
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Schwab as trustee, actual experience?

DW and I have several testamentary trusts in our estate and have named Schwab as trustee. I have noticed posts from others who have done the same.

But does anyone have actual experience with them doing the trustee job? This is a relatively new line of business for them. Maybe it is even farmed out. I don't know. How is the administration? The investing? Other experiences/anecdotes?

Edit: I am talking about Schwab Personal Trust Services, who will manage trusts for people. NOT Schwab as trustee on Roths, IRA, for FAs, etc. I should have been clearer.
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Old 03-02-2021, 04:29 PM   #2
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Okay, now Iím worried...
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Old 03-02-2021, 04:35 PM   #3
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Okay, now Iím worried...
To be clear, I have no specific reason for concern. I am also hoping that they have gained many years of experience by the time our testamentary trusts are created. But we were flying a little blind when we selected them. Selection was based on years of positive experience with the company and low fees compared to the Megabank Trust department where DW was an SVP.
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Old 03-02-2021, 04:40 PM   #4
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We just switched to them last year since USAA had sold their investment business to Schwab. We could have kept USAA for the trustee, but figured it would simplify things with Schwab and they are lower cost.
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Old 03-02-2021, 05:26 PM   #5
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We just switched to them last year since USAA had sold their investment business to Schwab. We could have kept USAA for the trustee, but figured it would simplify things with Schwab and they are lower cost.
Sorry to have been ambiguous in the OP. I am asking about Schwab Personal Trust Services (https://www.schwab.com/personal-trust-services), not Schwab as trustee for Roths, IRAs, etc. Schwab Personal Trust Services seems to be a pretty much stand-alone business.
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Old 03-02-2021, 06:48 PM   #6
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Sorry to have been ambiguous in the OP. I am asking about Schwab Personal Trust Services (https://www.schwab.com/personal-trust-services), not Schwab as trustee for Roths, IRAs, etc. Schwab Personal Trust Services seems to be a pretty much stand-alone business.

Yes, same thing plus acting as corporate trustee along with my sister-in-law. They handle the complicated stuff.
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