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RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 37026
Experience:  Texas lawyer for 30 years in Estate law
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In South Carolina, what is an appropriate amount to compensate

Customer Question

In South Carolina, what is an appropriate amount to compensate the trustee of a Living Trust
Submitted: 6 months ago.
Category: Estate Law
Expert:  RayAnswers replied 6 months ago.
Hi and welcome to JA. Ray here to help you today. South Carolina does not set this out as a percentage. A non professional here would charge an hourly rate, $25-$30 an hour times you hours.You will need to reconstruct a time sheet similar to what a lawyer or CPA does. You put the date 5/13/2016 2.0 hrs. Trustee visited property to verify that it was safe, locked up, and watered grass, etc. And so on from the time you started until present.Also you can include mileage, use the IRS rate, and expenses such as postage, etc. Total it out as .. Total hours 55 hours at $30 per hour=$$$$$$ Expenses Total compensation and reimbursement $$$$$ SC Code § 62-7-708 (2012) (a) If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances.(b) If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if:(1) the duties of the trustee are substantially different from those contemplated when the trust was created; or(2) the compensation specified by the terms of the trust would be unreasonably low or high.HISTORY: 2005 Act No. 66, Section 1.
Customer: replied 6 months ago.
Thank you, ***** ***** would have been much simpler. I'm not looking to bill the Trust. I was utilizing the number to hold down the family drama.
Expert:  RayAnswers replied 6 months ago.
You can add in expenses SECTION 62-7-709. Reimbursement of expenses.(a) A trustee is entitled to be reimbursed out of the trust property, with interest at the legal rate as appropriate, for:(1) expenses that were properly incurred in the administration of the trust; and(2) to the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.(b) An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.(c) A prospective trustee is entitled to be reimbursed from trust property for expenses reasonably incurred by the prospective trustee pursuant to Section 62-7-701(c) to protect or investigate the trust assets before deciding whether or not to accept the trusteeship. I have found overall a detailed bill by dates, work performed and total hours is much more defendible, and you can charge to reconcile the bill.Law here is too vague I agree.
Expert:  RayAnswers replied 6 months ago.
You are so welcome, appreciate the chance to help you .
Expert:  RayAnswers replied 6 months ago.
If you can positive rate it is always much appreciated.

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