wills and trusts for the single

[Wally]

Hello,

Here is my situation...I've been working for about 20 years. .I am looking to have a current will and/or living trust drawn up. I am currently single. For the executor / personal administrator of the will and trust, since I do not have a spouse, I look to name a bank.

My main question ...How does the bank charge when they are named as the executor for wills and trusts?

For wills, do the fees don't occur til after I die? Or do they charge an annual fee to have them named?

The same question for trusts? Do banks charge a % of assets each year to have them named as the personal admistrator? If so, it seems like that can add up to a lot as I'm in my early 40's and hope to live many many more years!

Your answers and comments are very much appreciated.

Wally

[terry1156]

This is not my area of expertise at all, so I don't think I can be of much help. I do have a question though...why would you want the bank to be your executor and not the lawyer who writes up the will and trust? I just say that because I don't have a lot of faith in banks

[Wally]

Terry,

When I was looking at this board, I didn't see a section on estate planning, but thought I'd post anyway since this looks like a very friendly place . Very well organized. Is it common for one's lawyer to also serve as the executor? I am new to the area of planning on this. To answer your question, I had asked my law firm the general question, mentioned my situation and asked who does someone like me (no spouse) name as an executor? They said if I can't find a person such as a relative, I can go to a place like a bank.

thanks for the reply and hopefully others can chime in too with there ideas.

-- Wally

[terry1156]

Wally,

I did a bit of research and this may help a bit <A HREF="http://www.nolo.com/lawcenter/ency/article.cfm/ObjectID/42421CCD-3B85-418C-82FA4C595A87D441/catID/F251EA55-13A9-4EE0-85D21CEB27636030">Choosing an Executor FAQ</A>. There entire area on <A HREF="http://www.nolo.com/lawcenter/ency/index.cfm/catID/FD1795A9-8049-422C-9087838F86A2BC2B">Estate and Will Planning</A> will also probably be of interest.

[Wally]

Terry,

Thanks for the links. They might not directly answer my particular questions, but anyhow, the links look quite informative and helpful. I also sent in an email query to a bank not far from me asking them for info steps for naming a them as a possible executor. So, hopefully I should hear back from them soon.

Thanks again and I'll keep checking on this board too.

Wally