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| Joined 26 Jan 2022 1:01 pm
144 posts
9.6/10 Rating |
Dear Lena,
It is hard to answer your question precisely because you did not write what state you are in.
Generally speaking, a trustee of a private trust may charge a fee for his/her management of the trust.
Most competently drawn trust instruments will have a section that mentions the possibility and amount of trustee fees. We understand from your email that your parent’s trust instrument is silent in regards to trustee fees.
A trustee’s fee should be reasonable and commensurate with the size of the fund, the nature of the assets, and issues involved in administering the trust. We understand that it is not easy to determine the degree of reasonableness in such circumstances. Therefore, we recommend you to check with various bank trust departments in your area to find out their rates, and after that talk to your parents (if possible) about the possibility of charging such fee.
If the Grantors of the trust do not agree with the amount of charges you propose,or are unable to communicate their wishes, and you still insist on them, the only authority that may resolve this matter is Probate court.
Please note that Legal Helpmate is not a law firm and the information above does not constitute legal advice and it is given for your information only.
Best regards,
Customer Support
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LENA (Offline)
UNITED STATES |
| Joined 29 Dec 2021 9:47 pm
2 posts
Unrated |
I am in Minnesota. The trust agreement we are following only states, "according to Minnesota Statues", that is where I am having the problem, as I do not no which statues to look for. There are 2 other siblings, but they have no voice as I am sole executor to the trust as the others only want the money. My parents are not of reasonable mind, so I have invested their money and am doing quite well with it, which is helping to pay for their nursing home care and prescriptions. If you know the statues that I can look up, I'd be greatful.
Lena
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| Joined 5 Jan 2022 2:17 pm
1 post
Unrated |
Try Chapter 501B.81 (Enumerated Powers of Trustees), Subdivision 23 (Trust Expenses). That's the only reference I could find in a quick check of the Minnesota General Statutes.
"Subd. 23. Trust expenses. The trustee may pay taxes,
assessments, compensation of the trustee, and other expenses incurred in the collection, care, administration, and protection of the trust."
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