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  1. #1
    paulinator is offline Junior Member
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    Successor Trustee Fees

    I live in California. I am the successor trustee of my uncle's medium sized estate. The location of his estate is 125 miles from my house and required traveling and staying out of town many nights to complete the tasks. I have personally been hands on in handling all the distribution of all the assets which was very time consuming as my uncle wanted to leave a little something to everyone. In addition to this I personally, cleaned out his house, disposed all of his possessions, meticulously cleaned the house and garage to prepare it for sale and handled all of the administrative affairs. In summary, I did not engage one subcontractor for any of these duties. After all fees and expenses are covered, the proceeds of cash of the estate are to be split evenly between myself and three other relatives. Since I decided to do all of the work myself including the administration, I expect to be compensated fairly for my time and efficiency. I have my own business and have had to take frequent time away from my work and time out of my day to handle all the duties. I feel a minimum of 4% to 5 % would be fair as this has been unbelievably time consuming. I don't want to overcharge but do want to be fairly compensated for this huge job, as it has really impacted my life.
  2. #2
    BlondiePB is offline Senior Member
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    Quote Originally Posted by paulinator View Post
    I live in California. I am the successor trustee of my uncle's medium sized estate. The location of his estate is 125 miles from my house and required traveling and staying out of town many nights to complete the tasks. I have personally been hands on in handling all the distribution of all the assets which was very time consuming as my uncle wanted to leave a little something to everyone. In addition to this I personally, cleaned out his house, disposed all of his possessions, meticulously cleaned the house and garage to prepare it for sale and handled all of the administrative affairs. In summary, I did not engage one subcontractor for any of these duties. After all fees and expenses are covered, the proceeds of cash of the estate are to be split evenly between myself and three other relatives. Since I decided to do all of the work myself including the administration, I expect to be compensated fairly for my time and efficiency. I have my own business and have had to take frequent time away from my work and time out of my day to handle all the duties. I feel a minimum of 4% to 5 % would be fair as this has been unbelievably time consuming. I don't want to overcharge but do want to be fairly compensated for this huge job, as it has really impacted my life.
    Thanks for writing. Do you have a legal question?
  3. #3
    TinkerBelleLuvr is offline Senior Member
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    Trustee compensation

    Under the terms of the Trust and the Trust Law, you are entitled to reasonable compensation for your services as Trustee. In determining reasonableness, factors such as the amount of time spent in trust administration and the size of the trust estate meay be considered. You do NOT have to accept a Trustee's fee. If you do, you should know that it is reportable as taxable income.

    Whether or not you accept a fee, we strongly recommend that you keep a log or diary of the time you spend on trust matters, including the date, amount of time expended, miscellaneous expenses for which you expect reimbursement from the Trust, you should carefully record these expenses. This log or diary will not only support your request for trustee's fees (if you decide to accept a fee), but will also serve as a written record of the actions and your thoughts surrounding those actions in the event you actions are ever questioned by a beneficiary of the Trust.
  4. #4
    paulinator is offline Junior Member
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    Not exactly

    Quote Originally Posted by BlondiePB View Post
    Thanks for writing. Do you have a legal question?
    I guess it is more of a "reasonable and customary" type of question. My feeling is that I am entitled to a fee. Having spent as much time as I have away from my business and responsibilities and not taking a fee would be like working for all the other beneficiaries.
  5. #5
    curb1 is offline Senior Member
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    Your expenses should be reimbursed. Also, the value of your time in the busy work that you are doing, as opposed to the value of the work in your business. These are two different values. You shouldn't charge what you are missing out at work. If that is your desire, then you should have turned down the job.

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