Is there a customary fee for the trustee of a trust?
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Is there a customary fee for the trustee of a trust?
If so how would it be computed? Would it be a % of the total estate for example..
Asked on August 15, 2011 Illinois
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Most states have no statutes setting the fee of the trustee of a trust unlike the statutory fee set for an executor or executrix of a probate. Most trustees of a trust used in place of a will are beneficiaries of the trust and either administer the trust gratis, or charge a reasonable hourly fee for the time expended with detailed invoices to all beneficiaries showing what tasks were done and the time incurred for each task to be paid out of the trsut proceeds in the end.
Trust adminsitration to close a trust estate does not have court approval, is not a proceeding that is a public record and proceeds much quicker than the probate process. As a result, the amount of administrative time to close out a trust estate and transfer the designated assets to the beneficiaries is significantly less than the time incurred by an executor or executrix in closing out a probate.
Good question.
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