What is a normal trustee fee for an estate?
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What is a normal trustee fee for an estate?
Asked on October 3, 2014 under Estate Planning, Wisconsin
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
Do you mean for an executor of an estate (I believe they can call it Trustee in Wisconsin)? In Wisconsin the personal representative is allowed all "necessary expenses" in the care, management, and settlement of the estate. The personal representative shall be allowed a fee for his or her services. The amount of the fee should be "Just and reasonable" and is determined by the probate court, based on a statutory formula. If the decedent and the personal representative, or the persons who receive the majority interest in the estate and the personal representative, agree to a different amount, it must be in writing. If the estate requires extraordinary services or is unusually difficult, the court may allow a greater fee. If a personal representative is derelict in his duty, his or her compensation for services may be reduced or denied.
The size /amount of the estate is a factor. Ask an attorney in your area - or the attorney doing the probate - what the fee will be. The executor can also waive his fee.
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