How much does a trustee charge to manage an estate?
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How much does a trustee charge to manage an estate?
My dad appointed his best friend to be the sole trustee to manage the estate upon his death. The total estimated value of the estate is worth $3,205,000. The estate consists of stocks and bonds, personal belongings, farm house consisting of 35 acres plus 98 acres of prime farm land. There are 4 heirs to the estate. What would you consider to be a fair and equitable fee for the trustee to charge the estate? Should the fee be per hour or based on a percentage of the estate?
Asked on December 29, 2013 under Estate Planning, South Carolina
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
Unless the trust sets forth the fee of the trustee on a yearly basis custom and practice in the industry is 1% per annum fee based upon the gross assets of the trust. The trustee is required to provide a yearly accounting for the trust.
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