Many of my clients are looking for a Madison WI Trustee to name within their trust documents. A Trustee can be an individual, a professional or an institution. If you are interested in naming a bank, it is important to know that the law requires that the bank must have a Trust Department so it may not be as easy as naming your local bank. An easy way to check to see if you can name your bank is just to call them and ask. Most people name a family member or even one of the beneficiaries of the trust to serve as trustee. No matter who you name you must ensure you can trust them and they are the right person for the job. If the person is not a good record keeper, is poor with money management or is not very organized, this person may not be the best person to name as your Trustee. Although with a trust you are making it as easy as possible to pass on your assets at your death, there is still some work to do. The Trustee should be able to show an accounting to the beneficiaries of all the assets, expenses, and what happened to the assets. This needs to be done in an organized fashion so that the beneficiaries are certain they are receiving what they are legally entitled to receive.
Your Trustee is typically entitled to compensation for their duties. Your Trust Document should contain a provision dealing with this issue. This provision can say anything that you wish. However, the most popular provision is to indicate that your trustee is entitled to reasonable compensation which is determined by taking an average of what professional trustees are receiving in the same geographical location.
Krueger Hernandez & Thompson SC offers enlightenment and guidance to our clients regarding their estate planning needs. Our clients are from all economic levels, ethnic backgrounds and beliefs. Go to KH-LAW.net today to schedule your FREE estate planning consultation.