New York - If you first choosing an administrator for your trust consider the following:
Interview several bank and trust companies.
Look for a proven track record as as asset manager and administrator
Inquire about their communication with beneficiaries, how they distribute assets and what their fee structure is
Consider giving the right to your beneficiary to change the trustee. You can pre-select several "pre-approved trustees or allow your beneficiary to use best judgment.
Ask for references in the form of beneficiaries served. These individuals are the end customer of the trustee; thus, you will find out the good and the bad from them.
An independent Fee-Only financial adviser can help you determine an appropriate trustee.
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