Is the trustee of a trust entitled to compensation?

Is the trustee of a trust entitled to compensation?

Under California Probate Code section 15680, a trustee is entitled to be compensated as set forth in the instrument. Alternatively, the creators might set an hourly rate (perhaps indexed for inflation) that the trustee may charge. Even general language regarding the intent to pay a fee might help avoid a fight.

What happens when a revocable trust expires?

If the grantor specified an “end date” or condition for the trust, then the trust would end once that date is reached or that condition is fulfilled. When a trust ends and there is still property contained within the trust, it is up to the trustee and beneficiary to work out how the trust is handled.

What is fair and reasonable compensation for a trustee?

While professional trust companies often charge more than other trustees, compensation is usually between 0.5% and 1.5%, with the fees occasionally being up to 2% per year. It’s better to pay the trustee a flat rate rather than an hourly rate in most cases, but this is usually decided on a case-by-case basis.

Who is a trustee of a trust in India?

The Indian Trusts Act is an Act related to private trusts and trustee’s in India. The act defines what exactly will be called a Trust, and who exactly can be a trustee legally and also provides a definition for them.

Do you have rights in a trust in India?

Many people often believe, in India, that a beneficiary has no rights in a Trust other than just to wait and see what the trustee’s actions are and what, how the trustee will distribute exactly to them. However, this is not true as trust beneficiary have certain rights to them provided under The Trusts Act as well.

Can a trustee enforce the terms of a trust?

Trustees have fiduciary duties to the beneficiaries of the trust and while there is no probate filed, the court is available to enforce the terms of the trust. Again, for details review the appropriate article on this site.