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Explore the Benefits of Using a Trustee Agent

Hannah Near, CPA - Wednesday, July 18, 2018
July18THSm

If you have ever known someone who has served in the role of a trustee, or if, perhaps, you are a trustee yourself, you likely know the stress that is involved with carrying out this role. A trustee is a person who is appointed to handle the assets held in a trust for the benefit of the trust’s beneficiary. Trustees are tasked with many responsibilities, including investing trust assets, disbursing trust income and/or principal, paying bills on behalf of the trust and even filing the trust’s income tax return. Unfortunately, many individuals who are appointed as a trustee do not have the time or understanding to carry out the necessary duties. There can also be a great deal of personal liability associated with fulfilling the role of a trustee.

At M.J. Smith and Associates, we are always trying to find ways to make our clients' lives easier. That’s why we would like to introduce you to a service offered through the Raymond James Trust Company. This service allows a trustee to designate Raymond James as an agent. Although the individual trustee retains control and will continue to make distribution decisions, Raymond James assists with the following tasks as an agent of the trustee:  

  • Fiduciary investment management platform
  • Providing dual income and principal accounting
  • Bill payment services
  • Tax preparation and income
  • Interest and dividend collection
  • Daily cash management
  • Maintenance of records
  • Safeguarding and custody of trust assets.

At M.J. Smith and Associates, we have the ability to stay involved with the investment management of the trust. The trustee agent services offered by Raymond James, combined with the investment management assistance available from M.J. Smith and Associates, allows you to gain back much of the valuable time associated with carrying out trustee duties.

There is an administration fee associated with appointing Raymond James as agent for the trustee. The quarterly fee is broken down in the table below:

Market Value Annual Administration Fee
First $1,000,000 0.55%
Next $1,000,000 0.40%
Next $3,000,000 0.30%
Next $5,000,000 0.20%
Balance over $10,000,000 0.15%
Minimum Administration Fee $3,250 per account
 

 

If you have any questions regarding the appointment of Raymond James as agent for trustee, please feel free to reach out to our office for additional details.

 


 

The Board of Directors of Raymond James Trust, N. A. reserves the right to change or modify fees in the future.

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Any opinions are those of Hannah Near and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice.

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