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John Elder
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4631
Experience:  Over 14 years experience in Medicaid, Estates, Trust.
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I need to set up an education trust fund for my two step-children

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I need to set up an education trust fund for my two step-children in Washington state. I have a draft document from a local attorney, but I need to locate a local bank or corporate trustee to administer the trust itself.
Welcome! Thank you for your question.

Let me start with the fact that it is going to be very difficult to find a trust company that will be trustee of a trust under $500K-$1million. The fees that most of these companies charge are so great that they will eventually overtake the trust with fees. Most that will take on the trust will take on them at $250K but charge as if they have $500K-$1million. This means 2% of 1 million annual fee or a $20K fee annually. This kind of fee will destroy the trust. With these facts, you need to know that you would be much better to use a family or friend trustee that will charge little or nothing as a fee.

Here is a list of licenses trust companies in Washington State. You are going to have better luck with the smaller companies located near you. http://www.dfi.wa.gov/banks/trusts.htm

I cannot provide you with legal advise. I have provided you with information about the law related to your question. My answer, and any information that you find online, should not take the place of having a consultation with a lawyer in your area to advise you regarding your specific issues.

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Thank you,

John

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