Most of our clients choose to act as trustee and to administer their trusts themselves. And in many cases this makes the most sense, particularly if you have created a revocable living trust for your own personal estate succession. However, trust administration for some kinds of special trusts can be a complicated and difficult process, particularly when it comes to keeping records, preparing tax returns and managing disbursements to beneficiaries, not to mention keeping peace in the family.
That’s where we can help. Our typical trust administration fee is 4% of the trust corpus, but can vary with the details and complexity of the trust. This includes all duties related to the trust, including correspondence and telephone calls with beneficiaries and the trust settlor(s) when necessary, maintenance of the trust’s financial records, monitoring of the trust investments and conferring with financial specialists to minimize risk, management of the trust with due diligence and under the “prudent investor” rule, asset transfers. Preparation and facilitation of annual tax returns is charged hourly. These fees do not include additional outside charges that may at times be incurred, such as fees and costs charged by the financial institution(s) or the accountant’s fees for preparation of the annual tax returns.
As an added courtesy, we now provide in-home appointments for our elderly estate planning clients who have difficulty with transportation, health or the convenience of leaving home for our office. If you reside in Contra Costa, Alameda, Solano or Napa counties, it would be our pleasure to meet with you and your family in the comfort of your own home if you find it difficult to meet in one of our offices.
Contact us or call (925) 465-2500 or (707) 398-6008 to schedule a free initial estate-planning consultation at Sparks Family Law, Inc. with attorney Gary D. Sparks to discuss the different options available to you.