Your Bank May Not Be The Best Choice as the Trustee Of Your Pet Trust
Many clients ask if they should appoint some one from their bank to be the trustee of their pet trust.
I recently spoke with a trust manager of a major financial institution.
She advised that in most circumstances they would be unable to act in that capacity.
Reasonable financial and reporting constraints prohibit most financial institutions from performing in this role.
Most of the trust funds that they administer run into the millions of dollars and their fees are thousand of dollars per year.
Not a good choice for most pets trustees.
Consider your accountant, your attorney or another trusted person for the role of trustee for your pet trust.
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