0
What is reasonable compensation for trustee in disclaimer trust in pa?
Wiki User
∙ 14y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Will set up a trust but trust was not funded can the executor raid the estate to fund fees for himself as trustee?
No, he cannot. The offices of testamentary trustee and exutor are separate and distinct from one another even if the same person is to serve as both. Compensation for a trustee comes out of the funds in the trust for work done by the trustee on behalf of the trust. If the trust is unfunded, there are no assets out of which to pay fees to the trustee. Also, if the trust is unfunded then the trustee has done nothing to earn any trustee fees. Compensation of trustees and executors is governed by state laws, so it is important to check the laws of the state of probate for the details.
In an irrevocable trust is the trustee authorized to use trust funds for legal fees or defense fees associated with operating that trust?
Typically, the answer is yes. The final answer in each case, however, is dependent upon (a) what the terms of the trust agreement provide, and(b) the applicable state law. In addition, the amount of compensation paid from the trust for legal services sometimes is limited by state law or the terms of the trust to "reasonable compensation", which also is a term of art that varies from jurisdiction to jurisdiction. A reasonable attorney fee charged in New York City may not be reasonable if charged in El Paso. Finally, a trustee who is found to have violated its fiduciary duties may be required in some instances to reimburse the trust for legal fees paid from the trust in defense of such violation.
Does a trustee get all the money in a trust?
No. The trustee has the power and authority to handle the money in the trust according to the terms set forth in the trust. The trustee must distribute the profits as provided in the trust and must distribute the remaining trust property when the trust terminates according to the provisions in the trust. The trust may also provide compensation for the trustee.
In an irrevocable trust what is the fee for the trustee as he manages and disburses the trust to the beneficiaries in NY state?
It should be whatever the trustee's fee schedule is. It can be challenged if it is not reasonable. True - it vaires from zero to legal maximums...usually its defined in the trust or in law.
Can a trustee use the income from an irrevocable trust?
For personal use, only if they are the beneficiary. They are entitled to compensation for their work and to use funds for the benefit of the trust, but these are typically laid out in the trust itself.
How long should a beneficiary of a Trust expect to wait before hearing from the Attorney who is handling the paperwork for the Trust?
Forever. The attorney doesn't represent you. He / she represents the trustee of the trust. The attorney advises the trustee, and probably should advise the trustee to make disclosure to the beneficiaries (unless the trust instrument waives that duty for the trustee). However, the attorney doesn't control the trustee; he / she only advises the trustee. If you want information, you are going to have to ask for it. If you get no response in a reasonable about of time (say 10 days), you may have to demand it and possibly sue for an accounting.
In an irrevocable trust if a trustee breached his or her fudiciary duties as a trustee by stealing can the trust be changed?
If a trustee breaches their fiduciary duties by stealing from the trust, the beneficiaries may pursue legal action against the trustee to recover the stolen assets. However, changing an irrevocable trust typically requires the consent of all beneficiaries and/or a court order, and the process can be complex and may vary depending on the circumstances and jurisdiction. Consulting with a trust attorney would be advisable in such a situation.
Is it possible to get a mortgage in the name of a irrevocable trust?
It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.
Can a co trustee buy quit claim property from trust and transfer into own personal trust?
First, a trustee is the trustee of a TRUST. The house may be trust property. The powers of a trustee are set forth in the trust document. If the house is owned by the trust and the trustee has the power to sell real estate then yes, a trustee can convey the house.
Can there be a trustee and beneficiary to an irrevocable trust?
A trustee and a beneficiary are essential to a trust. Without a trustee and a beneficiary there is no valid trust. They should not be the same person.
Can the same person be both the beneficiary and the trustee of a blind trust?
No. The trustee has full control over the assets in the trust. In a 'blind trust' the trustee must be completely independent. If the beneficiary is the trustee then the trustee is not completely independent.
What is New york state revocable trust trustee fees?
I guess what ever is agreed upon that a court would find reasonable.
