Legal Question in Wills and Trusts in New York

Re: Irrevocable trust

Normally, a trustee is entitled to statutory annual commissions. However, the terms of the trust need to be reviewed for a more definitive answer.

Re: Irrevocable trust

Compensation is either established by the terms of the trust, or, if it is silent but allows compensation, by the applicable State statute (which is usually available on the Internet). If compensation is to be paid, there are 3 components: Annual income commissions, annual corpus commissions and termination or distribution commissions. However, there is a caution since commissions have not been paid, as your question implies, for the 24 years of service. Since no commissions have ever been taken, this could be interpreted as a "waiver" of compensation. I suggest, before taking any commissions, you consider retaining a good trust attorney and possibly considering a Court application for commissions, so what you are entitled to and the Court awards cannot be contested later. Contact me directly if you require more information.