Question:
I am a dual citizen. I live in Australia but also have an account in a U.S. bank. I were to make an revocable trust but don’t have a U.S. resident to be a trustee, how should I proceed? Can the bank act as trustee? Or would it be wiser just to transfer the money to Australia?
Response:
Many banks do act as trustees. You will have to ask your bank if it serves this role and what they would charge. You also have the issue of the size of the account. Many banks and other professional trustees maintain either minimum account sizes or minimum fees which would be exorbitant for a smaller account.
So, if you’re living in Australia and have no need for funds in the United States, it may be easier and less expensive for you to consolidate all your accounts down under.
