Personal > Trust services > STATEMENT OF FEES FOR TRUST SERVICES

Statement of Fees for Trust Services

General Policy
Our objective is to maintain a schedule of fees which is fair and reasonable both to the bank and the customer in relation to the responsibility assumed and duties performed. Greater or lower fees may be agreed upon where warranted by circumstances involved. Additional fees may be necessary in situations involving such things as litigation, management of closely held businesses or partnership interests, or providing extraordinary or unusual services.

Fees may be revised from time to time. Therefore, to be certain that the rates quoted are current, please consult with one of our Trust Officers.

Executor or Administrator
Compensation for this service is fixed by the Oklahoma Statutes which provide the following fee for both banks and individuals:

  • 5% on the first $1,000
  • 4% on the next $5,000
  • 2 1/2% on the balance of the estate

This fee is based on the market value of the property administered. Additional fees may be awarded by the court for extraordinary services.

Guardian or Conservator
Compensation for this service is fixed by the Oklahoma Statutes which provide the following fee for both banks and individuals:

  • This fee is based on 7 1/2% of all income collected.
  • Additional fees may be awarded by the court for extraordinary services.
Portfolio Management Fee
Living Trusts, Trusts Under Will, Pension and Employee Benefit Trusts
  • 1% Market Value of Assets to $1,000,000
  • 3/4 of 1% of Market Value of Assets to $2 million
  • 1/2 of 1% of Market Value of Assets between $2 million to $4 million
  • 1/4 of 1% of Market Value of Assets over $4 million
Charges are based on the gross market value of assets in the account at the time of calculation. Fees are prorated for periods of less than twelve months. The minimum annual fee is $1,000. (Assets other than mineral properties.)

Acceptance Fee

No acceptance fee will be charged where the bank has served as executor. In other cases, a reasonable fee may be charged where excessive time and work are involved in the collection and transfer of assets, or in the case of successor appointments which require the inspection of records of the predecessor executor or trustee and real estate inspections.

Distribution or Termination Fee

For complete or partial termination or principal distribution, a reasonable hourly rate fee will be charged based on the time and work involved in the distribution or termination with a 1% maximum based on the value of the assets distributed.

Extraordinary Services
A reasonable hourly rate will be charged based upon the type of services rendered for trust clients. These services include:

  • Correspondence and claims to life or health insurance companies.
  • Interviewing domestic health care providers and maintaining their work schedules.
  • Budget counseling and personal shopping for clients.
  • Real estate inspections.
  • Supervising real estate repairs and remodeling.
  • Locating missing heirs.
  • Planning funerals.

Real Estate
  • Collection of Income - 7% of income collected.
  • Sales - 6% of gross sales price if negotiated by bank.
  • Sales - 2% of gross sales price if negotiated by a broker.
  • Negotiation of Leases - Reasonable fee based on time.

Oil and Gas Properties
  • Base Fee for Producing and Non-Producing Minerals - $15 per asset per year.
  • Royalty Income - 6% of gross annual receipts.
  • Working Interest - $120 per year per lease.
  • Lease and Pooling Negotiations - $150 per negotiation.
  • Plan for Unitization - Reasonable fee based on time.
  • Division and Transfer Orders - $25 per order.

Real Estate Mortgages
  • Base Fee - $15 per year for each mortgage.
  • Collection of Interest - 5% of interest collected.

Collection of Notes Receivable

Reasonable fee based on terms of the note.

Closely Held Business Interests

If we are active in the management or sale of a closely held business interest, a special fee will be charged based on the time spent, the responsibilities assumed, and the results achieved.

Tax Returns

In all cases where practical, we employ a qualified accountant to prepare income or estate tax returns for the trust. Our policy is to use the client's accountant. An additional charge for compiling data for the estate tax return preparation will be charged for deceased trust clients when their trust owes the tax or is required to file the return.

Charitable Foundations

A corporate trustee's professional expertise is often used for management of the charitable trust's investments. This situation could arise for a church's endowment fund or for any charitable foundation an individual or family created in order to benefit some type of nonprofit project or organization. Some charitable organizations have a stronger endowment type committee and feel they have enough professional talent to manage their funds. Their church may only need accounting services and investment guidance. Our bank can serve as a Custodial Fund Manager and provide these services for a lesser fee than a full Trustee relationship.

Trustee Fee for Charitable Trust

  • 1% of Market Value of Assets to $1,000,000
  • 3/4 of 1% of Market Value of Assets to $2,000,000
  • 1/2 of 1% of Market Value of Assets between $2,000,000 to $4,000,000
  • 1/4 of 1% of Market Value of Assets over $4,000,000

Custodial Fund Management Fee for Accounting and Investment Advisory Services
  • Base Fee - $200 (Plus MARKET VALUE FEE)
    • 0.6 of 1% on the first $500,000
    • 0.45 of 1% on the next $500,000
    • 0.25 of 1% over $1,000,000

Life Insurance Trust Fees

A life insurance trust is a valuable estate planning tool which will help to reduce the estate taxes of the insured. While a life insurance trust is unfunded, we charge a $200 to $500 annual fee, depending upon the number of policies and premiums paid. Once the trust is funded with the life insurance proceeds, the normal portfolio management percentage fee applies.

Co-Trustee

All fees quoted herein are payable to Vision Bank and are exclusive of any fees which might be payable to a co-trustee. If an individual co-trustee is named to serve with the bank, then his compensation, if any, shall be in addition to that of the Bank.

Confidential Files

The Trust Department maintains a confidential will and trust file where documents, naming the bank as executor, trustee or successor appointments, are kept. Please notify us if you have appointed the Bank in a trustee or estate capacity.

Free Consultations

Our Trust Officers will review the estate planning options of an individual free of charge. Our Trust Department does not prepare wills or trust agreements. We always refer potential clients to their attorney for legal advice and document preparation. To call for an appointment or for more information, contact our Trust Department at (580) 332-5132 or toll free (888) 332-5132.

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