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Thomas McJD
Thomas McJD, Attorney
Category: Estate Law
Satisfied Customers: 3170
Experience:  Wills, Trusts, Probate & other Estate Matters
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I am a trustee of a family trust and will be closing the

Customer Question

I am a trustee of a family trust and will be closing the trust in the next few months. I have not been compensated yet. My work for the trust began in 2008. The trust involved an active farm, long term care insurance, etc. so it took and extended period of time. I plan to submit my bill for compensation as a trustee. Is there a statute of limitation for work done with a trust?
Submitted: 5 months ago.
Category: Estate Law
Expert:  Taylor replied 5 months ago.

Hi my name is ***** ***** i would be happy to help you with your question!

Expert:  Taylor replied 5 months ago.

What is reasonable depends almost entirely on the unique situation involved. There is no schedule or guidelines posted in most states. It depends on a number of different factors, some of which are: the complexity of the administration, the normal compensation the trustee would otherwise receive, whether or not the trustee is an individual or corporate entity, the amount of time involved, the nature of the assets, (real estate or other investments), and the distribution provisions of the trust.

Any fee that is charged is subject to possible challenge and the need for approval by the probate court. Anyone acting as trustee needs to keep VERY detailed records on the services provided and the time it took to perform them. The trustee should also keep receipts for all expenditures and copies of all investment statements, tax records, and the like.

Expert:  Taylor replied 5 months ago.

In 2011 Minnesota adopted the Uniform Probate Code, including the section on how to compensate the executor of a will. In MN, no specific amount or fee is set by law. Instead, the probate code gives the probate court the discretion to determine what percentage to pay the executor, as long as that amount is "reasonable." The burden is placed on the executor to demonstrate that the monetary percentage she wants is reasonable and will not unduly deprive any of the estate's beneficiaries.

Expert:  Taylor replied 5 months ago.

So, there is not set answer. I would use your best judgment and also verify how much time and money this cost you with records. Does that answer your question adequately? If you have anymore questions do not hesitate to ask.

Customer: replied 5 months ago.
The question I am looking for is "what is the statute of limitations for compensation to be paid for a trustee? Is it 3 years, 6 years or is there no statute of limitations for a trustee to be compensation for work done 10 years ago?Thanks
Expert:  Taylor replied 5 months ago.

ok i apologize for my misunderstanding. let me see if there is a statute for that.

Expert:  Taylor replied 5 months ago.

the trust is not closed yet, correct?

Expert:  Taylor replied 5 months ago.

you may compensate yourself up until the trust is closed. Just make sure you have kept good records and can verify any and all work done on the trust. does that answer your question?

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