trustee fees please read.

[eandpcellular]

CA,
How much can a trustee charge a "trust" (even though the trustee is a beneficiary) for doing all of the trustee's duties?(book keeping, etc)


This trust has no probate.

The trustee has been left the entire estate both real and personal so long as the trustee gives ONE HALF to 3 other family members in equal shares.

How much "say so" do the other family members have?(they split1/2 between each other) and the trustee gets the other half.

A house was in the trust and is going on the market. Can the trustee sell the house for "fair market value"? Also there is no "deadline" of when the other family members should receive the 1/2 after the house sales. How long after it sells can the trustee hold on to the trust account before making distributions?

Thanks


PS the trustee has been vested with all of the powers of trustee (to act as owner etc) and has talked to the atterny who did the trust and was basicly told "those powers can mean anything. The trustee just want fair compinsation for all of the bookkeeping and time off of work.

 

[ALawyer]

He should get the assistance of an attorney -- perhaps the one who drew the trust or any other -- to help him adminster the estate.

NORMALLY, as claims can come in for a year from date of death, some of the assets are not distributed until the year is out, and any Federal Estate Tax filing is closed.

As for fees, if you are getting half the estate, I don't quite understand why you also want fees as trustee, other than to "get more". BUT as everything you get as trustee fees would be taxable income to YOU, and half of what you get as trustees fees would come from what I assume would have been a tax free inheritance anyway, you'll be not much better off getting trustees fees. (If the estate was subject to Federal estate tax, that might be a different story.)