Oh boy, don't get me started.This site has a fairly large, active, and wealthy user base, and I'm surprised how seldom I see reports from people with first-hand experience with a corporate trustee.
DH and I created our first trust when our kids were little. The lawyer at that time strongly recommended having a local corporate trustee at the end of our list of 6 relatives who were listed to serve as trustee. (They were each to serve solo but if they were unable to be trustee, the next person on the list would be the trustee instead.)
Thirty years later, I was re-reading the trust for a possible update. The 6 listed relatives were still alive and living at the same address as listed in the trust. Out of curiosity, I googled the corporate trustee who was to be our last resort but they couldn't be found. I continued to look to see what happened to them and it appeared their trusts were turned over to be handled by another trust company, but the second company couldn't be located at all!
So don't 'trust" that the corporate trustee will outlive you. It is just a business too.
Statistics: Posted by celia — Sun Jun 30, 2024 3:05 am