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Fee Schedule 2008
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The fee schedule in effect at the time
we begin to serve as Trustee is guaranteed
for the life of the trust. | The duties of a trustee are varied. They include safeguarding trust assets, faithfully administering the trust in accordance with its terms for the benefit of beneficiaries, and upon termination distributing the remaining assets to the individuals or organizations entitled to receive them. | | | The following tasks and services provided by Virginia Fiduciary are included in the Annual Fee Based on Value of Trust Assets: | -
Remit income to beneficiaries. -
Provide an annual report to beneficiaries. -
Conduct an annual investment review to ensure compliance with the account's
investment policy statement.
| | The annual fee is based
on the value of trust assets | First $1,000,000
$1,000,000 - $3,000,000
Over $3,000,000 | 0.30%
0.20%
0.10% | | Minimum Annual Fee | $1,800 | | | One-time Set-Up Fee | $750 | | | The above fee assumes (1) that trust assets are invested by a delegated investment manager who has discretion to implement the investment policy, and (2) no income and principal accounting is required to remit the income benefit. Additional fees apply as indicated below when these conditions are not met For assets invested by delegated investment manager who requires trustee approval to implement investment policy
For assets having no delegated investment manager such as limited liability companies, real estate, business interests, etc.
For trusts requiring separate income and principal accounting | Corresponding increase in minimum fee
Corresponding increase in minimum fee Hourly rate then in effect |
Additional 0.10% Additional 0.40%
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Trusts requiring minimal time should
not subsidize more complicated trusts. | Our philosophy is that trusts which require only nominal time and effort to administer should not subsidize more complicated trusts which demand greater attention or skills. | | | | Additional fees | Additional fees, charged at hourly rates by our attorneys and legal staff, apply to other trustee functions and activities, such as discretionary distributions, court accountings, meetings with beneficiaries, asset transfers and management, tax planning, tax return preparation, and legal services. | | | Early termination fee | An early termination fee will apply if, within the first five years after Virginia Fiduciary accepts appointment as Trustee, either (1) the trust terminates for any reason, or (2) Virginia Fiduciary is removed as trustee or resigns at the request of any beneficiary. The early termination fee is the greater of 0.50% of the value of the trust assets or $5,000, decreasing 20% per year commencing in the second year. | | | No fee is charged on trust income | No fee is charged on trust income, and no distribution fee applies. | | | No fee for investment management | Virginia Fiduciary does not charge a fee for investment management since that service is provided by an independent investment advisor. The combined fees charged by Virginia Fiduciary and the investment advisor are very competitive with "full service" fees charged by banks and trust companies. |
| Irrevocable Life Insurance Trusts The annual fee assumes there is one insurance
policy held in the trust with annual trust contribution
and annual premium payment. After the trust
receives the insurance proceeds, the annual fee
is based on the value of trust assets (as indicated
above). Additional hourly rate fees are charged for
other trustee and legal services as needed. | | Annual Fee | $400 | | Deferred Fee | 0.50% of value of life insurance proceeds | |
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