What are the advantages/disadvantages of naming a trust company as a co-trustee in a Will?
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What are the advantages/disadvantages of naming a trust company as a co-trustee in a Will?
Asked on September 10, 2013 under Estate Planning, New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Naming a corporate trustee can be more expensive but it can bring with it an expertise to the situation where the other co-trustee may be a family member who has never handled a trust before. A trustee must make distributions, file tax returns and keep accurate books - accounts of their activities. A corporate trustee also offers longevity – the bank or trust company will likely be around in 25 years and able to serve, while a family member may not. You should decide if the co-trustees may act independently or together - meaning one signature or two on each document needed. Speak with a planner in person. Your needs and the type of trust can also dictate what will work best. Good luck.
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