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What percentage of the estate should trustee get (money)?

Customer Question
What percentage of the...

What percentage of the estate should trustee get (money)?

Lawyer's Assistant: Estate laws vary by state. What state are you in?

California

Lawyer's Assistant: What documents or supporting evidence do you have?

A living trust where I am Trustee

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I have an insurance policy where I am benificiary. Not part of the will or living trust.

Submitted: 10 months ago.Category: Estate Law
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Answered in 1 minute by:
10/4/2017
Estate Lawyer: Jessica B,
 replied 10 months ago
Jessica B
Category: Estate Law
Satisfied Customers: 1,804
Experience: Attorney at Donald B. Linsky & Associates, PA
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Hello. My name is ***** ***** I am a licensed estate attorney. I hope I may be of assistance with your question. Please remember to rate my answer at the end of this session. Thank you.

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Estate Lawyer: Jessica B,
 replied 10 months ago

A trustee in California has a broad discretion to determine their compensation if it is not stated directly in the trust instrument. Although the simple solution is to include a value in the trust, it is not easy as simply picking a number.

The compensation rate for a trustee in which the trust did not specify how much the trustee would be compensated is based on Cal. Prob. Code § 15681. In such a situation, the trustee would be entitled to “reasonable compensation under the circumstances.” Cal. Prob. Code § 15681.

There is no exact value considered reasonable compensation, but rather, the probate court gives the following guidelines if a dispute arises:

1) The gross income of the trust estate;

2) The success or failure of the trustee’s administration;

3) Any unusual skill, expertise, or experience brought to the trustee’s work;

4) The fidelity or disloyalty shown by the trustee;

5) The amount of risk and responsibility assumed by the trustee;

6) The time spent in the performance of the trustee’s duties;

7) The custom in the community where the court is located regarding compensation authorized by settlors, compensation allowed by the court, or charges of corporate trustees for trusts of similar size and complexity; and

8) Whether the work performed was routine, or required more than ordinary skill or judgment. Cal Rules of Ct § 7.776.

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Estate Lawyer: Jessica B,
 replied 10 months ago

Based on the CALCPA Accounting Site, http://www.calcpa.org/Content/23483.aspx, a CPA will generally charge less than their hourly rate for accounting purposes. Additionally, a judge will determine the trustee’s compensation based on an hourly rate.

Further, after researching various individuals and businesses throughout California who are in the profession of administering trust, conservatorship and guardianship estates, referred to as private professional fiduciaries, an average hourly rate will range between $80 to $140 per hour.

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Estate Lawyer: Jessica B,
 replied 10 months ago

I have not heard back from you. Was this information helpful? Please remember to rate my answer so that I may receive credit. Thank you!

Ask Your Own Estate Law Question
Estate Lawyer: Jessica B,
 replied 10 months ago

Do you need clarification of the information provided? I would greatly appreciate it if you would please take the time to rate my answer. Thank you!

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