Legal Question in Wills and Trusts in New Jersey
Estate trust fees
I am executor of my aunt's will and and she directed that a substantial amount of money be left in a trust with named trustee for the care of her pets. Does the estate have to pay the legal fees to set that trust up or does the money come out the trust itself?
2 Answers from Attorneys
Re: Estate trust fees
Pet Trusts are becoming popular for people to assure their pets are cared-for. The Will normally has a trust as part of it or there can be a separate trust prepared for the care of pets.
Normally, the legal fees related to the operation of the trust are expenses of the trust. Nevertheless, the exact language in the Will needs to be reviewed to determine what the estate must pay. You should definitely seek the help of a good estate tax lawyer.
I hope this helps!
Ron Cappuccio
http://www.saveyourestate.com
Re: Estate trust fees
If the will is not clear as to who the fees should be assessed against it is normal for the trust to incur the fees associated with setting up the trust. However without seeing a copy of the will and reviewing the terms of the trust it is impossible to accurately answer this question.
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