Choosing a Corporate Trustee

TX

We are currently updating our living trust and found that our named corporate trustee is now out of business so we are in the process of finding another one. The company we selected previously really didn't want us because we were not willing to turn our assets over to them. Our current financial advising company does not have a trust department. We have no children and being younger than my husband by 13 years, I expect to outlive him.

We need information on how to best evaluate a corporate trustee; i.e. what kinds of questions to ask, how to locate, does it matter if they are close to where we live, is a bank a good choice?

Are there any publications or books that we might read to help us in this matter?

Why do you want a corporate trustee?

You must know and trust someone. A corporate trustee can be a real problem. Where are your assets going upon death? You could easily have each other as trustees and save yourself a lot of expense and red tape.

Here's why...

As I mentioned, we have no children, hence no heirs. All family is either already dead or too far away to provide this service. We plan to give any remaining assets to selected charities. If we become disabled or die we need someone to provide assistance or handle the distribution of assets. If we have any remaining pets, our trust is written to take care of them financially. We understand that they will charge for their service. We have each other as primary trustees to each other. The corporate trustee would be called on if one of us is already dead and the other needs assistance.