Legal Question in Wills and Trusts in Florida
what are the usual fees paid to Trustees/Executors, is it a percentage of the value of the Estate or is it a standard fee and does it have to be mentioned in the trust?
2 Answers from Attorneys
The average trustee fee is 1% or a flat fee(varies).
The average PR fee is 3% but can be smaller on larger estates.
The fee does not have to be mentioned in the will or trust.
The personal representative fee is generally 3% but can be increased for additional/extraordinary services, plus any costs or expenses paid out on behalf of the estate. As for the Trustee fee, those can vary widely depending on the services provided and the type of Trust being administered. Some trustees may work off of an hourly rate, some may take a flat %, or some may take a base % plus hourly for extraordinary services.
The fees are generally not mentioned in the instrument, especially with regard to Wills.
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