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Reply to "Testimentory trust for minor children - what terms would you put on it?"
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[quote=Anonymous]OP We are not a fan of institutional trustees. Our family has had problems with them plus they are expensive. We found they are out for themselves. They also charge a lot for preparing the trust tax returns each year...i.e. it is also a profit center. We prefer a family member to be trustee. If your state allows for portability of the trust funds to another financial institution either at the beneficiary's request or beneficiary and trustee request I'd recommend that option. We are trapped into working with a national bank that is in the news for all kinds of wrongdoing but the trust specified a local bank that has since been through about 6 acquisitions. I've been through 3 investment guys and 3 trust managers in the past 12 months as they keep finding other jobs (to get away from the bank with the bad reputation.) [/quote]
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