QUESTION
Can a trustee for an irrevocable trust charge every year more and more for his services?
Asked on May 05th, 2019 on Estate Planning - Wisconsin
More details to this question:
My best friend, 83 yrs old has begining senility. His nephew has been appointed his trustee long ago. Now the trustee whats to reduce the number of beneficiaries, there are 30 down to just direct sibling and nephews,nieces of course but not their children or his friends. He also wants to take his % from the trust not just at demise but every year.
1 ANSWER
2 Awards
The terms of the trust doument determine when, how and how much the trustee can be paid without seeking Court approval.
The terms of the trust document determine who is what kind of beneficiary (current, remainder, contingent) and if and how any beneficiary can be removed.
Answered on May 06th, 2019 at 5:05 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.