Trustee Services FAQ
Q: May Lee Bank be named as the Personal Representative in my Last Will & Testament?
A: Yes, Lee Bank may serve as the Personal Representative (formerly known as executor) of your estate. Lee Bank has full unrestricted fiduciary powers.
Q: Can Lee Bank draft my Estate Planning Documents?
A: No, our trust professionals are not permitted under state regulations to draft estate planning documents. Drafting these documents should be done by your attorney. If you are not currently working with an attorney and would like some references, we can provide you with firms and contacts.
Q. How do I name Lee Bank in my document(s)?
A. To name Lee Bank as corporate trustee or Personal Representative, simple name: Lee Bank, of Lee, Massachusetts in the document.
Q: Do you charge a tax preparation fee?
A: No, Lee Bank does not charge a tax preparation fee. We work with your CPA to complete and file the necessary tax documents for the trust. If you are currently working with a CPA, we will continue the relationship with them. If not, we will reach out to local CPAs for pricing. The tax preparation fee charged by the CPA will be paid from the trust.
Q: What is your account minimum, in terms of asset size?
A: Our account minimum is $250,000 in market value. However, if there is an existing relationship or household, there is some flexibility with our minimum account size.
Q. Will you help my beneficiary with budgeting?
A. Yes, if the beneficiary has trouble navigating their finances, we can help them create a budget. We will help them monitor their budget and review it with them periodically.
Still have questions or want to schedule a meeting? Call Marianne Fresia 413.243.9232