Legal Question in Wills and Trusts in California
If there is a living trust that only had a run down 1973 mobile home as the asset, and I had to use my own money to complete renovate it to see it under market, is a 2.5% administrative fees within reason as the executor of the trust?
2 Answers from Attorneys
You can be reimbursed from the proceeds for the funds you advanced. 2.5% seems high, but if the estate is small and you spent a lot of time, it might not be unreasonable. In some counties, if you go (or are taken) to court for approval of a trustee fee, it has to be hourly rather than a percentage.
What it really comes down to is whether or not the fee is so high that the beneficiaries are mad enough to hire lawyers to fight the amount of the fee. Also, remember that you have to pay income tax on trustee fees that you earn.
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