Re: How much to trust trustee? - Posted by Stacy (AZ)
Posted by Stacy (AZ) on February 17, 2001 at 12:12:07:
I’ve used relatives in the past, such as my sister, who’s got a different last name (married). She’s local, and can meet me to get paperwork notarized quickly. She gets paid $1 per year (according to the trust agreement) but I normally give her at least $100 per deal closed for her time.
I’ve also learned that an out of state trustee (relative or friend) is better, for obvious reasons. But, I liked the accessibility of having a trustee locally.
Now that I’ve got a corp, I’m the trustee with the corp as beneficiary. You might want to consider this, because it allows you complete control, and much more protection. An LLC would do the same.
The banks I’ve looked at charge too much, in my opinion. Maybe I didn’t look hard enough. Moot point now that I have a corp.