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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 118087
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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My wife and I are contemplating putting our home in trusteeship. Were

Customer Question

My wife and I are contemplating putting our home in trusteeship.
We're thinking of either: a.) having our three grown children as trustees, or b.) Having an attorney act as trustee. Or c.) Having our three children as trustees with an attorney as overseer.

We have not yet made up our mind on which option we will choose.

What is usual compensation for those acting as trustees?
Submitted: 3 years ago.
Category: Legal
Expert:  Law Educator, Esq. replied 3 years ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Generally, for family trustees, most do not get or take fees. However, the MA law does not set a fee, it just says a "reasonable fee" for services. Many trusts with family trustees specify no trustee except the attorney or professional trustee is entitled to a fee to stop arguments over what is reasonable. You can also set a fee for any trustee other than the attorney or professional trustee (generally banks which provide trustee services). The typical attorney's fee is generally an hourly rate of $150-$300 per hour, depending on the attorney.

Generally it is best to have co-trustees in the three children if they get along and have a provision in the trust providing for either no fees or set the amount of fees they can take.

Attorneys and trust companies charge a lot of money and many times are not worth it if you have good children who can get along and manage the trust.

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