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What are the New York state stuatory trustee fees?
Irrevocble Trust
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.
How does an executor of a living trust get paid?
An executor of a living trust, often referred to as a trustee, is typically compensated through a fee outlined in the trust documents. This fee can be a percentage of the trust's assets, an hourly rate, or a flat fee, depending on the trust's terms. If the trust does not specify compensation, the trustee may negotiate payment with the beneficiaries or follow state laws regarding reasonable compensation for trustees. It's important for the trustee to maintain transparency with beneficiaries regarding their fees.
In a New Jersey Irrevocable Trust what guidelines exist regarding permissible Trustee fees In a Trust with say 1000000 of assets can the Trustee justify annual fees of 100000 Thanks.?
As with any trust, unless there is specific language in the trust concerning limiting fees, you can charge just about anything that you can justify. The only concerns are: 1. Will any "interested party" object to your fees. 2. Is your justification realistic and really justified. 3. Do you think a judge/court would agree with your position. Unfortunately, in many trusts, it all comes down to who is looking, who has the money and time to challenge the trustee, and how honest is the trustee.
What is a non revocable trust fund?
An irrevocable trust is one in which the settlor (or creator) of the trust does not retain any control of the trust, and thus the trust cannot be amended. The reason that an individual would chose to create an irrevocable rather than revocable trust is that the money cannot be touched by creditors or anyone else. There are also money-saving benefits to the creation of an irrevocable trust primarily relating to probate fees and taxes.
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.
Is a trustee responsible for payment maintenance fees on a vacation timeshare before it can be sold?
All the fees have to be covered before a timeshare can be sold. Or they can be taken out from the sale proceeds. But if your asking is it a trustees personal obligation, NO. It's one of many things the trustee must do for the trust. As a trustee you must maintain and keep up all obligations of the trust and it's assets, not letting them deteriorate by neglect, etc. . Just like you'd make sure the lawn was mowed on a house or have the car washed that the trust may be marketing. Presumably, the timeshare is one of the trust assets. I don't think that it is the personal responsibility of the trustee. But a trustee must also do in any way possible to keep up the obligations of the asset. It is the responsibility of the trustee to check for the thrust and it's assets. If that's what you men by responsibility.
What is reasonable compensation for successor trustee in a living trust NJ?
In New Jersey, reasonable compensation for a successor trustee of a living trust typically ranges from 1% to 3% of the trust's total assets, depending on the complexity of the trust and the duties performed. If the trustee is a professional, such as an attorney or financial institution, their fees may also reflect standard hourly rates or specific fee schedules. It's essential for the trustee to document their hours and services to justify the compensation, and trust documents may specify the fee structure. Ultimately, the reasonableness of the compensation can be subject to review by beneficiaries or the court if disputes arise.
What should I know about 401k rollovers?
You should about the roll-over fees if any. The roll over fees could be a massive 20%. From what I know, a trustee to trustee rollover may prevent some of those fees.
What are New York state trustee fees?
Under the NY EPTL, trustees are entitled a fee for the execution of their duties with regards to a will. The exact fee amount is divided into tiers, depending on the value of the estate being managed.
What happens to a land trust if annual fees are not paid?
If annual fees for a land trust are not paid, the trust may face financial difficulties, which could jeopardize its ability to manage and protect the property. In some cases, the trust may impose penalties or interest on the overdue fees. If the fees remain unpaid for an extended period, the land trust could initiate legal action, potentially leading to foreclosure or loss of the property. Ultimately, the specific consequences depend on the trust's governing documents and applicable state laws.
What does the word trustee mean in a will?
A trustee is a person to whom control over trust assets (cash, securities or other property) has been placed (by the trust creator) for the benefit of one or more beneficiaries.Generally speaking a person or persons with powers of attorney may also be involved.I believe that the word "trustee" has the same meaning regardless of whether it appears in a will or in an written trust agreement meant to take effect while the trust creator is still alive (aka an inter vivos trust).For example, the testator (the person making his or her will) might want to leave a great deal of money or property to grandchildren who may be still too young to manage it wisely when the testator dies and the grandchildren are in a position to inherit. To delay the grandchildren's actual receipt of the inheritance until they are old enough, the testator may instruct in his will that the money or property is to be held by a namedtrustee until the grandchildren reach a specified age. The testator should make it clear who is to act as trustee (or alternate trustee, if the first-named trustee cannot serve.)A trustee has a serious legal responsibility to protect and preserve trust property, and invest it prudently (unless the testator has explicitly forbidden the trustee to invest the funds, which is probably very rare), and never to use the trust principal or income (if any) for his or her own benefit, even if he intends to "borrow" and repay the funds; if he does so, he is breaching his duty. However, a testator or other trust creator may provide in writing that the trustee may be paid his or her fee out of the trust assets, or be reimbursed for any trust-related expenses he or she incurs. Finally, a trustee generally must provide a written accounting of all of the funds coming into and leaving the funds in trust.
