Legal Question in Wills and Trusts in California
CA - Fee for Executor for family trust
My wife is executor of a family trust that is being reconciled by Semmons & Semmons,(Middlemas Family Trust). I believe the talked to you about a fee structure for her for the executor duties and they came back saying she needed to come up with a chart of hours spent – Whoo baby that would be astronomical in time spent generating it for the 4 years since her mom died and end up charging more than … well a lot.
Q: The estate was worth more than a million dollars. Would there be a LEGAL problem with a flat fee of $10,000 and inserting that into the final reconciliation? This would save time and $ and help to get this thing done.
2 Answers from Attorneys
Re: CA - Fee for Executor for family trust
Why don't you ask the attorneys who told you what they felt had to be done? They are going to be the ones who the Court will look to for whether the agreemet should be used. Sounds to me that your wife needs to come up with a chart.
Re: CA - Fee for Executor for family trust
No. But, you are confused. There is no executor to a living trust. I assume you mean successor trustee. Many trust agreement provide that the successor trustee will serve without fee unless it is a professional trustee, in which case the fee shall be the published fees of the trust company.
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