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Re:Trustee fees (1 viewing) (1) Guest
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TOPIC: Re:Trustee fees
#7192
AcePR (User)
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Trustee fees 7 Years, 6 Months ago Karma: 1  
I have been appointed as the executor and trustee of an estate. The will says that i am entitled to "reasonable compensation" and I have been doing alot of work for the estate. I needed to probate a few small bank accounts and pay off debts of the estate. My question is what is "reasonable compensation"? I asked a probate attorney and she said it depends on my level of finance experience and skill. I have some, but how much can i charge the trust given that i am the one in charge of the trust? Thoughts?
 
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#7218
Miami LS (User)
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Re:Trustee fees 7 Years, 6 Months ago Karma: 0  
The answer to your questions depends on the state law statutes. Which state is the trust and the trust property situs? To add to your last sentence, you are right. The more finance and legal experience the more compensation that you can command as trustee.
 
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#7398
Jackie (User)
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Re:Trustee fees 7 Years, 4 Months ago Karma: 3  
This same issue just came up for one of my clients. Most states follow the Uniform Probate Code and the Model Trust Code and they stated that a successor trustee is entitled to reasonable compensation for service in administering the trust. What is reasonable is a question of fact and can be very subjective.

Generally there is no court supervision of the charges assessed, and unless they are excessive under the circumstances, they will be approved or un-contested.
 
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#7408
steve (Admin)
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Re:Trustee fees 7 Years, 4 Months ago Karma: 3  
I would check the annotated state statutes for authority as to how the courts have defined "reasonable compensation".

What state law governs the trust?
 
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