How does a trustee get compensated?

How does a trustee get compensated?

Corporate Trustees are at the top of the group, and they usually are paid a percentage of the Trust assets as Trustee’s fees. Most corporate Trustees will receive between 1% to 2%of the Trust assets. For example, a Trust that is valued at $10 million, will pay $100,000 to $200,000 annually as Trustee fees.

Does a trustee make decisions?

The Trustee makes the decisions, and the beneficiaries reap the rewards. Of course, sometimes the Trustee makes the decisions and the beneficiaries reap the burden of those decisions. For example, a Trustee who makes a bad decision can cause monetary damage to the Trust assets.

Is public trust a government agency?

Public Trust is a Crown entity established under the Public Trust Act 2001. A guarantee of capital in the Common Fund is provided under section 52 of the Public Trust Act 2001 and a guarantee of interest in the Common Fund is provided under section 65ZD of the Public Finance Act 1989.

Can a trustee sell property in a trust?

The trustee can sell trust property when specified in the trust document whether or not the trust is a living trust or a revocable trust. If there is real estate, the trustee may need to sell it to divide the proceeds among the beneficiaries. Learn more about how trust assets are distributed to beneficiaries.

What is the role of a public trustee?

Some of these disputes will involve legal action against the estate. Disputes or other contested claims on the estate will complicate and delay the administration of the estate. Our role is to make sure everyone’s interests are recognised and dealt with fairly and in line with the law.

What does the Office of the Public Guardian and trustee do?

The Office of the Public Guardian and Trustee: protects the property rights of children under the age of eighteen; administers the property and finances of adults who are incapable of managing their financial affairs, monitors other property guardians and investigates allegations of financial abuse; administers the estates of deceased persons; and

When does a public trustee need to take over an estate?

Looking after intestate matters can be a complicated process. The Public Trustee can administer estates when someone else is appointed executor but asks us to take over their role. For those estates where family members are widely scattered or are not close, our in-house genealogist is highly successful in tracing relatives.

Can a Public Trustee Act as financial administrator?

The Public Trustee can assist by acting as Financial Administrator or Financial Attorney. The Public Trustee’s friendly and experienced staff consider the unique circumstances of each client and we tailor our services to meet individual needs.