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Ely
Ely, Counselor at Law
Category: Estate Law
Satisfied Customers: 100009
Experience:  Fully licensed attorney in Texas in private practice.
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If I sell a business that belongs to a trust..I did not use

Customer Question

If I sell a business that belongs to a trust..I did not use a real estate person...they would have charged 10%...I did not want the trust to mY out that much...so I flew to the state and handled it myself....the appraisal was 725,000.00 the decedent owned 50%...what is a fair % to pay me the trustee for selling the business
Submitted: 9 months ago.
Category: Estate Law
Expert:  Ely replied 9 months ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

If the trust instrument (document) states how much a trustee should be paid in such a situation, then this controls.

If the trust instrument states that the trustee should not be paid in such situations, then this also controls and prohibits the payment.

If the trust instrument is silent, then AZ's 14-10708 controls. See HERE. The statute allows compensation "reasonable under the circumstances." What this is, is subjective and is on a case to case basis. It would be fair to argue that compensation for such a job may equal (1) that of what a real estate agent would receive for the sale, OR perhaps, (2) the sum of hours spent on the matter per the hourly rate defined in the trust instrument. It is up to the trustee to make a decision as to what is reasonable - initially.

The beneficiary has a right to challenge the assumption and if they do so, the Court will decide and may adjust the trustee's compensation accordingly.

I hope this helps and clarifies. Please use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of TOP THREE FACES/STARS and then SUBMIT, as this is how experts get credit for our time. Rating my answer the bottom two faces/stars (or failing to submit the rating) does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith with a positive rating.

Expert:  Ely replied 9 months ago.
Hello again. This is a courtesy check in to see if you needed anything else in regards ***** ***** question because you never responded or replied positively. I am simply touching base. Let me know. Thanks!

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