Legal Question in Wills and Trusts in Virginia
Trustee fee for Trust
Good afternoon,
Under the instruction of my grandfather's will, I was appointed trustee of my sister's inheritance until she reaches the age of 25 which will be 7 years from now. I was wondering if there is a trustee fee that is allowable for maintaining the accounts. Everything has been done through Stafford County, Virginia and I tried calling the Commissioner of Accounts and they couldn't help me. Please advise.
Thank you
1 Answer from Attorneys
Re: Trustee fee for Trust
It is normal for a trustee or executor to get a fee for his or her service, unless the estate is too small to support it.
What is reasonable will depend upon how much work is involved and also how big the fund of money is. Obviously you cannot have most of the money going to the trustee.
I am not aware of any exact idea of what is a normal fee. It normally has to be approved by the Commissioner of Accounts and is subject to challenge by the beneficiaries if it is excessive. If the beneficiary believes it is reasonable and does not object, than it will be considered reasonable.
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