How can I legally collect a salary as successor trustee of my mother’ s trust?
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How can I legally collect a salary as successor trustee of my mother’ s trust?
What is a reasonable amount?
Asked on July 6, 2011 under Estate Planning, Pennsylvania
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I would really speak with an attorney in the area on this matter. The law as I have located is as follows:
§ 7768. Compensation of trustee - UTC 708.
(a) If unspecified.--If neither the trust instrument nor a
separate written agreement signed by the settlor or anyone who
is authorized by the trust instrument to do so specifies the
trustee's compensation, the trustee is entitled to compensation
that is reasonable under the circumstances. Neither a
compensation provision in a trust instrument nor a fee agreement
governs compensation payable from trust principal unless it
explicitly so provides.
Generally speaking, what is reasonable is determined on a case by case basis. The courts look at the work that had to be done for the settling of the trust, how large the trust, etc. It is a difficult question to give guidance on without knowing more. Good luck.
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