Q: Is there a formula by which a trustee of an Irrevocable Trust should calculate their fees / compensation?
The Trust is set up for my sister in Florida, I live in New Orleans. Florida law doesn't seem to have a formula or percentage listed. The trust says I am entitled to compensation since I manage the trust and related expenditures. The Trust was set up in November 2016, and I am just now getting around to trying to figure out what a reasonable and fair fee might be.
A: Reimbursement for expenses is easy, but most often the trust will either dictate a fee or provide for "reasonable compensation." Certainly, professional trustees have fee schedules. But, if you are not a professional trustee and the tasks are minimal/relatively easy, a good place to start is to likely consider your time expended to date for the completed tasks including the accountings, managing/preserving, and obtaining good CPA and legal counsel, if needed.
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