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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
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
. 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.
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