How Much Is Too Much to Pay a Trustee? or How to Avoid Being a Knucklehead
Few trustees have a good answer to the question “How much should I be paid?”. Their professional advisors often disagree. Some say an hourly rate, some say a percent of the trust assets, and others say a flat retainer. Due to this general lack of agreement, few can provide a thoughtful or comprehensive explanation of why they are getting paid what they are. And, not surprisingly, many beneficiaries and their professional advisors frequently object to whatever the answer may be. Disagreements about a trustee’s compensation are exacerbated during periods of heightened financial uncertainty.
This presentation seeks to provide a roadmap for both trustees and beneficiaries of how to answer the ubiquitous question, “How much should a trustee be paid?” This presentation will answer the following questions:
- Should I charge an hourly rate, and if so, what amount?
- Should I charge a percent of the trust portfolio like the corporate trustees do?
- If I delegate investment duties to a third party, should my fee go down?
- Can I charge more if I serve a particularly high-demand beneficiary?
- How do I determine what the custom in the community is?
- Is there any statutory guidance on what my fee should be?
Presented by: Josh Yager, JD, CFP, ChFC
CLE: 1.0 general credit
Approved States: CA, CO, FL, GA, IL, NJ, NV, NY, OH, OK, PA, TN, TX, UT, VT
(AK, AZ, CT, MO, ND, NH eligible to claim credit.)
We will supply you with the information needed to apply in other states
Contact shopcle@wealthcounsel.com for CLE assistance.
WealthCounsel members: This CLE eligible program may be complimentary for WealthCounsel members, depending upon their subscription bundle. Please access and view it here via the member website for optimal experience and inclusion in your CLE Profile Account.
