TRUST f ee s
UNFUNDED LIFE INSURANCE TRUST SCHEDULE OF FEES
The following schedule of compensation has been established for The Bank to serve as Trustee, Co-Trustee, or Agent for Unfunded Life Insurance Trusts.
BASIC
This non-refundable due diligence fee is due at the time the trust agreement and policies/applications are presented for review by The Bank.
This fee is charged upon acceptance of the trust by The Bank and on the account anniversary each year thereafter.
The above standard fees apply for normal services of the Trustee, Co-Trustee, or Agent until such time the trust is funded by insurance proceeds. Thereafter, the then current Discretionary Account AssetBased Fee Schedule shall take effect. If the Trustee is to distribute the proceeds of the life insurance policy(ies) to beneficiaries (instead of remaining in trust) or to another Trustee, a termination fee equal to 1% of the first $1 million and 0.5% of the remainder, subject to a minimum of $1,000 shall apply.
EXTRAORDINARY CRUMMEY NOTICES
The standard charges include premium collection, premium payment, and annual Crummey notification (if applicable) for one life insurance policy. Management of more than one policy of insurance, including additional premium payments and Crummey notifications (applicable for more than one policy and/or more than one premium payment per year) may be billed at $200 for each additional insurance policy managed which shall be in addition to the annual charge stated above.
EXTRAORDINARY SERVICES
The Bank will endeavor to accommodate the client with as wide a variety of services as possible at no additional charge. Where special services are required or requested, reasonable charges will be made based upon the complexity of the services rendered and the time, effort, and responsibility involved.
EFFECTIVE 3.26.2020