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What is "Reasonable" Compensation

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Just Mike

Member
What is the name of your state? California

I am the Trustee of a Living Trust worth somewhere around 1.5 million. The Trust states that the Trustee is entitled to "reasonable" compensation for managing the Trust. I live in Colorado and need to take about 3-4 trips to California per year to check on the Ranch, do maintenance, improvements to the barns etc. etc. I also am the POA for this man and am his health care agent. I set up Doctor's appointments and make sure his health care is done corrrectly etc. It basically is a lot of work and time but I am retired so it gives me something to do.

I do not want to take any money while this man is alive. He is currently in an "assisted living facility". I do not want to take any of his money now because I want to be sure he will have enough to last his lifetime.

Can I keep track and then take the fee after he passes? As far as a fee is concerned, how do I determine what the fee is ? I have a Trust Attorney and an Accountant that help me with all this to make sure things stay legal etc.

I am trying to determine what type of fee I should charge for my personal services.
 


seniorjudge

Senior Member
If the man who made the trust is still competent, talk to him.

If not, then talk to the beneficiaries.

Either way, get an agreement in writing.
 

Just Mike

Member
If the man who made the trust is still competent, talk to him.

If not, then talk to the beneficiaries.

Either way, get an agreement in writing.
The man who made the trust is NOT competent, he has dementia and no longer understands figures, money matters etc.

Beneficiaries will not be revealed until after the death of the trustor so I can't talk to them. I guess this is just another matter to go over with the Trust Attorney and yes, I agree it should be in writing with specifics.
 

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