Legal Question in Wills and Trusts in California
Hello .. what is "fair" compensation for the executor (successor trustee) of a living trust valued at around $300,000 that is just reaching its end, and which began in 1996? .. I was appointed executor of my father's trust in 1996 and the last remaining asset (business office) has recently sold .. I have seen some common guidelines (4% - 1st $100,000 / 3% - 2nd $100,000 / 2% - remaining balance) .. but have also seen that 1% annum for remaining assets also as a guideline .. any advice would be greatly appreciated .. Thank You!
1 Answer from Attorneys
The first guideline you refer to is for probate estates which are administered through the courts and typically do not involve a trust at all.
Compensation for a trustee of a trust is either the second guideline you mentioned or if you kept good records of the time you spent on trust matters, you could charge an hourly rate. For trust matters where I have to seek court approval of the trustee compensation, the court has been willing to accept $30 to $40 an hour for a non-professional trustee.
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