Legal Question in Wills and Trusts in California
trustee fees
How much is a Trustee entitled to take from the estate as a fee for their services? Are there any exceptions to the rules? Do they charge a percentage or a flat rate? Are there limits set as to how much they are allowed to take?
2 Answers from Attorneys
Re: trustee fees
A reasonable amount depending on the actions to be taken. If you are liquidating the estate, it can be 6-7%. If you are simply holding the estate in trust much less. The trust should speak to this, it if does not, you should have it reviewed by an attorney and proceed accordingly. I would be happy to assist -- my resume can be found at www.ChristopherBrainard.com. Thank you for your consideration.
Re: trustee fees
Corporate/Professional trustees take around 1 to 2% - therefore, the layperson can feel comfortable taking around the same, although corporate fees are on the high end because that is their job. Most trustees pass on the fees because they are family or don't care to take the fees. I would say that 1% of the trust's holdings per year is fair. The trust may allow for fees. If the trust is silent, most judges will allow a reasonable fee as outlined earlier in this reply. Please let me know if I can help.
Robert Mansour, www.MansourLaw.com
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