If my husband and I are trustees for a Trust, are we allowed to take a fee based on the total value of the Trust or do we have to ask the courts to decide that?
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If my husband and I are trustees for a Trust, are we allowed to take a fee based on the total value of the Trust or do we have to ask the courts to decide that?
It is a Revocable Trust set up by my aunt. and the beneficiaries are her daughter and grandson. The grandson will not receive his half of the trust until he is 25; he is now 16 so our Trustee job will be ongoing until then.
Asked on February 2, 2015 under Estate Planning, Virginia
Answers:
Christine Socrates / Christine Sabio Socrates, Atty at Law
Answered 9 years ago | Contributor
The trust should have provisions regarding the compensation for Trustee(s). If it does not, the compensation would be dictated by the going rate of compensation in the area of the trust situs. The county probate court should have a form to calculate compensation for Trustees.
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