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I am the trustee on my parent's California trust and the…

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I am the trustee on...
I am the trustee on my parent's California trust and the estate is worth ~ $600K. Since I doing the work to sell the house in California and their stock, my understanding is that I can take a fee of the gross worth at the time of last parent's death. The estate is obviously not in probate. We are distributing the funds between the four (4) siblings. My question: what is the percentage allowed to "charge" the estate for my work? I have heard a few answers, but nothing definitive:
(1) between 1.5% - 2%,
(2) 2%, or
(3) 4% on the first $100k, 3% on the second $100k, and then 4% on the remaining $600K.What is the definitive answer on the percentage?Thank you!
Submitted: 8 months ago.Category: Estate Law
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Answered in 48 minutes by:
11/12/2017
Estate Lawyer: N Cal Attorney, Attorney replied 8 months ago
N Cal Attorney
N Cal Attorney, Attorney
Category: Estate Law
Satisfied Customers: 9,795
Experience: Since 1983
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Thank you for your question.

Doesn't the trust itself say anything about the compensation of the trustee?

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Customer reply replied 8 months ago
No, it does not state a specific percentage.
Estate Lawyer: N Cal Attorney, Attorney replied 8 months ago

Probate Code 15681:

"If the trust instrument does not specify the trustee’s compensation, the trustee is entitled to reasonable compensation under the circumstances."

https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=PROB&division=7.&title=&part=7.&chapter=1.&article=1.

lists the fees for executors:

10800.

(a) Subject to the provisions of this part, for ordinary services the personal representative shall receive compensation based on the value of the estate accounted for by the personal representative, as follows:

(1) Four percent on the first one hundred thousand dollars ($100,000).

(2) Three percent on the next one hundred thousand dollars ($100,000).

(3) Two percent on the next eight hundred thousand dollars ($800,000).

///

and a similar fee would be presumed reasonable. Or you can set an hourly fee. If the trust beneficiaries all agree to a fee, the Court will approve it. Since the trust itself did not specify the compensation of the trustee, you will need a court order to recover any fees.

I hope this information is helpful.

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Customer reply replied 8 months ago
The section that you quoted was: PROBATE. If the estate is not in probate, then can the fees mentioned in 10800 be taken?(a) Subject to the provisions of this part, for ordinary services the personal representative shall receive compensation based on the value of the estate accounted for by the personal representative, as follows:(1) Four percent on the first one hundred thousand dollars ($100,000).
(2) Three percent on the next one hundred thousand dollars ($100,000).
(3) Two percent on the next eight hundred thousand dollars ($800,000).
Estate Lawyer: N Cal Attorney, Attorney replied 8 months ago

I know that, I said a similar fee would be presumed reasonable. If the other beneficiaries agree to a fee, the Court will approve it. If they will not agree, you can petition for fees in the same amount that a probate executor would get, and the Court would probaly approve that.

I apologize for any misunderstanding.

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