Roswell, GA asked in Estate Planning for Georgia

Q: I was appointed trustee for my parents' irrevocable trust. I'm told i'm entitled to take a fee. How much?

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1 Lawyer Answer
Tanner Woods Pittman
Tanner Woods Pittman
Answered
  • Estate Planning Lawyer
  • LaGrange, GA
  • Licensed in Georgia

A: The relevant statute is § 53-12-210, which states in pertinent part as follows:

(2) With respect to an individual trustee:

(A) One percent of cash and the fair market value of any other principal asset received upon the initial funding of the trust and at such time as additional principal assets are received; and

(B) An annual fee calculated in accordance with the following schedule based upon the cash and the market value of the other principal assets valued as of the last day of the trust accounting year prorated based on the length of service by the trustee during that year:

Percentage Fee

Market Value

1.75 percent / year on the first

$

500,000.00

1.25 percent / year on the next

$

500,000.00

1.00 percent / year on the next

$

1,000,000.00

0.85 percent / year on the next

$

3,000,000.00

0.50 percent / year on values over

$

5,000,000.00

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