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John Elder
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4631
Experience:  Over 14 years experience in Medicaid, Estates, Trust.
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Are fees payable to Trustees for partial trust principal distributions,

This answer was rated:

Are fees payable to Trustees for partial trust principal distributions, other than
the annual fee?
Welcome! Thank you for your question.

Yes, under 2309, the two fees are separate and different fees. For principal distributions the fee is 1% of the principal distributed. The trustee can also charge an annual fee for the management of the trust based on the value of the principal in the trust at the beginning of the trust year or at the end of the trust year. The valuation date must be set by the initial trustee and continued by all trustees.

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Thank you,

John

Bill,

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Thank you,

John
Customer: replied 4 years ago.

Dear XXXXX,


 


What clause or sub-section of Sec 2309 spells out the 1% fee? I seem to have difficulty finding it.


 


Thank you


 


Bill

It is the very first paragraph of 2309.

I have copied it here with highlights:

On the settlement of the account of any trustee under the will of a person dying after August 31, 1956, or under a lifetime inter trust established after August 31, 1956, the court must allow to him his reasonable and necessary expenses actually paid by him and if he be an attorney of this state and shall have rendered legal services in connection with his official duties, such compensation for his legal services as shall appear to the court to be just and reasonable and in addition thereto it must allow to the trustee for his services as trustee a commission from principal for paying out all sums of money constituting principal at the rate of 1 per cent. 2. In addition to the commission allowed by subdivision 1 hereof a trustee shall be entitled to annual commissions at the following rates:
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