As a co-personal representative of a trust, how much money am I entitled to receive for my services managing it?
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As a co-personal representative of a trust, how much money am I entitled to receive for my services managing it?
I am 1 of 2 co-personal representatives of a trust in SC. How much compensation am I and the other co-personal representative entitled to?
Asked on April 29, 2011 under Estate Planning, Georgia
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
It is best for you to seek consultation from an attorney in your state. Some estates specify what the fees are by statute. If, however, the fees for a trustee are not specified by statute then it is generally the rule that compensation should be "reasonable" under the circumstances. The circumstances considered are the amount of work that the trustee or trustees have done in relation to, of course, the size of the trust. and the like. I would consult with a South Carolina trust and estates attorney to make sure that everything is on the up and up. Make sure that you, as a fiduciary, are covered and clear of liability. Good luck.
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