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Thread: Trustee fees

  1. #1
    billriver is offline Junior Member
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    Trustee fees

    What is the name of your state (only U.S. law)? New York and New Jersey.

    What are the maximum allowed fees for an individual trustee in New York? Can you please cite the applicable statute? I understand that the maximum fees are 1.05% on the first $400k, .45% on the next $600k, and .3% on any amount in excess of $1 million. Is this correct?

    What are the maximum allowed fees for an individual trustee in New Jersey? Can you please cite the applicable statute?What is the name of your state (only U.S. law)?
  2. #2
    seniorjudge is offline Senior Member
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    What does the trust say about trustee fees?

    What did your Google search (or your library search) for the statutes turn up?
    There are two rules for success:

    (1) Never tell everything you know.
  3. #3
    billriver is offline Junior Member
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    trustee fees

    There are two trusts, one in New York and one in New Jersey. The trusts allow fees for individual trustee but are silent on amount.

    My Google searches did not find fee schedules for NY or NJ.
  4. #4
    Kiawah is offline Senior Member
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    I guess you are questioning whether there is a state mandated maximum charge. I'll be surprised if there is, but let's see what the experts in that area indicate.

    I've found trustee charges vary from nothing (for instance, if I perform these services for other family members, or they provide those services for my trusts), to a graduated rate like you indicate in your original posting (for instance, if you hire the trust department of a bank to perform). Have a couple trusts where we've dealt with a number of different banks, each had different tiered rates, and they can also vary over the years as well as what services they perform with which securities. We've also negotiated rates different from the banks published rates, using competitive pricing from other trust departments. Tax document prep charges will vary depending on trust, investment, and disbursement activity.

    I've always perceived charges to be actual and reasonable, as opposed to having some sort of state mandated cap.
  5. #5
    billriver is offline Junior Member
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    Trustee fees

    Thanks, Kiawah, for taking the time to answer and for your info. Billriver

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