A trustee refers to the person who is in charge of managing a trust. Trustees have a fiduciary duty to the beneficiaries of the trust. There are three types of trustees: individual, independent, or institution. The fees these different types of trustees charge typically depend on their level ...
Matthew Triggs
A trustee is thus responsible for properly managing all property and other assets placed in the trust for the beneficiaries. A trustee's specific duties are unique to the trust agreement and are dictated by the type of assets held in the trust. For instance, if a trust holds various rental...
Trustees can petition the court if they feel that they have performed difficult work beyond routine management or what’s laid out in the trust. They may be able to receive greater compensation (“extraordinary fees”) for handling “extraordinary work,” which includes handling litigation or busin...
If you are the creator, a co-trustee, or a beneficiary of a family trust and you believe a trustee is not acting properly, there are ways to go about removing or replacing a trustee.
The trustee plays a crucial role in the management and distribution of a trust. Find out what the trustee's responsibilities are and how to choose one.
framework. Oftentimes, the “advisor” spends more time handling compliance issues or working through tax matters than they do actually servicing the trust beneficiary/client’s needs. In addition, banks are sometimes more conservative by nature and can limit the types of investments a trust will ...
Licensed insolvency trustee fees for a summary administration personal bankruptcy are set by a formula called a tariff. In a summary administration bankruptcy, the fees that insolvency trustees are entitled to are calculated as follows: 100 percent on the first $975 or less of receipts; 35 ...
A trustee acts as a custodian for a trust. Almost anyone can be a trustee, as long as they accept the responsibilities that come with managing the trust..
Fees Matter A common barrier to naming a professional trustee is fees and how those fees will impact trust performance. Typically, a professional trustee will assess fees based on a percentage of assets under management. While a family member or friend might not charge fees to serve as trustee...