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Thread: Trustee fees

  1. #1
    hogenbirk is offline Junior Member
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    Trustee fees

    What is the name of your state (only U.S. law)? Missouri. I am the beneficiary of a trust. It has two nonprofessional trustees. The trust says they are entitled to the same fees as Bank of America. Each is charging that full fee in addition to fees for other jobs they have done. Is this ok in Missouri?What is the name of your state (only U.S. law)?
  2. #2
    curb1 is offline Senior Member
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    You are probably getting legally "ripped off". How complicated is the trust? What is your relationship to the "two nonprofessional trustees"? Can you get the trust assets distributed so the assets are not diluted by the trustees? Are you the only beneficiary? What do the trustees say about the fees?
  3. #3
    hogenbirk is offline Junior Member
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    trust

    The trustees were neighbors of my grandparent. They are each taking the full fee, both from income & principal. The trust says they are entitled to reasonable compensation pursuant to published fees. They are using a published bank's fees but are each taking the full fee, with a minimum amount, regardless of the fact that if it were the bank we'd be only paying the one fee. They have told us we have no say. They have also charged the trust for other services (cleaning out house, etc.), as well as accountants they have had to hire, attorneys, etc. The trust will last for 20 years & will be pretty much wiped out by the time it is mine.
  4. #4
    curb1 is offline Senior Member
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    Do you have a copy of the trust? There could be some possibility of an early payout. Your experience represents the worst of having a trust. Trustees can ruin the intent of a trust, legally. You need to see the trust and perhaps run it by an attorney to see if it is airtight.
  5. #5
    hogenbirk is offline Junior Member
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    trustee fees

    Yes, we do have a copy & we have asked an attorney to read it. It was done by an estate planning attorney & it doesn't appear like we have much recourse. Since the trustees legal fees are all paid for by the trust if we bring an action in court, that will even be tough on us. I was wondering whether anyone had any experience with the Missouri courts--I don't even live in Missouri--when it comes to trying to prove that the trustees had undue influence as well as that their fees are undermining the trust.
  6. #6
    napoleoni is offline Junior Member
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    Trustees can be removed.
  7. #7
    hogenbirk is offline Junior Member
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    The attorney we talked to advised us to just keep asking them for stuff so that we can show how unreasonable they are. But how long should we do this & will we have to go to court to have them removed?

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