Plainfield, IL asked in Estate Planning for Illinois

Q: I was a trustee on resigned, what is that fee I can charge for the work I have done on the trust?

Related Topics:
1 Lawyer Answer
Andrew John Hawes
Andrew John Hawes
Answered
  • Estate Planning Lawyer
  • Niles, IL
  • Licensed in Illinois

A: You can charge a "reasonable" rate. Typically, I've seen around $20 to $50 an hour, but it generally depends upon the quality, nature, and quantity of the work involved. You should keep very detailed records of everything that you do, how long it takes you, and what you accomplish. Then you should charge a reasonable rate per hour. An easy rule is just to charge roughly the hourly rate that you charge in your personal career. For example, if you are an accountant and charge $75 an hour, you should charge that. Odds are you've used your expertise in the administration of the trust. Of course, the higher the rate you charge, the more likely the beneficiaries will take you to court.

Another suggestion, I would submit a written proposal of your hourly rates to the beneficiaries and explain it. Have them sign it. If they all agree in writing, the court is likely to award you your fees.

Again, KEEP DETAILED RECORDS. This is the best way to ensure you are fairly compensated. People will be much more willing to pay your fees when they see what you accomplished to the benefit of the estate.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.