Legal Question in Wills and Trusts in New York
Successor Trustee Fees
In NYS is the successor trustee entitled to take an admin fee for administering the trust and dividing and disbursing the assets to the beneficiaries? In this case the successor trustee is also a beneficiary.
Asked on 1/19/07, 4:16 pm
1 Answer from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
Re: Successor Trustee Fees
Any fiduciary, including a successor trustee, is allowed to take the appropriate commission, subject to the terms and provisions of the appointing document. This applies to beneficiaries, as well as non-beneficiaries who are appointed under the document.
Answered on 1/19/07, 5:32 pm
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