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Investing/Strategies / Retirement Investing
|Subject: Re: Off topic question||Date: 5/27/2013 9:51 PM|
|Author: intercst||Number: 72298 of 76891|
<<Of course, the bank managing the trust will want to skim off 2% to 3% a year in fees.>>
I would like to know who your bank is -- we are talking about 1/3 of a house and all the data available suggests to me this is not a million dollar house. If you think a bank will handle $250,000 for a mere $7,500 a year, you don't deal with the kind of banks I know.
It depends on how difficult it is to manage the trust. If all the trustee is doing is sending a monthly check from an account with CD's and mutual funds, 2% to 3% is plenty (the nationwide average for a $250,000 trust is a 1.31% fee.) If the Trustee is managing lawyers and litigation, they start charging hundreds of dollars an hour plus the legal expenses. It depends on what's going on.
Here's a link to average Bank Trust Fees nationwide.
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