Florida living trust trustee fees

Florida Living Trust Trustee Fees - Fair Compensation For A Heavy Duty

December 21, 2004
By Kathy Curtis

To say that a trustee doesn't have a lot to do with how a trust is carried out would be a grossly inaccurate statement. Many times Florida living trust trustee fees are more than fair compensation for a lot of busy legwork and time during an already stressful mourning period.

How much is fair compensation? The courts settle a Florida living trust trustee's fee after the grantor passes away. Depending on court's review of the trustee's proven duties, Florida's court then has the power to assign a dollar amount. The court also specifies which of the grantor's assets will pay for this fee. As many trustees are also benefactors, the awarded fee is usually an additional bonus to the recipient.

A Trustee's Obligations = Trustee Fee
The duties assigned to a trustee are no light tasks. From filing a report of the grantor's death to involvement in trust proceeding, the chores performed on the grantor's behalf are worth reasonable compensation.

Upon the grantor's passing, a Florida's court will grant the trustee a fee based on the trustee's fulfillment of the title's obligations. The list is lengthy and outlined at MegaLaw.com under Title XLII. A few highlights involve enforcement of Florida Uniform Transfers and Minors Act:

§ Review of "proof of propriety" - Did the attorneys and other people act on the grantor's behalf and perform the duties as outlined in the trust by the grantor?

§ Examining distributions of assets - What percentage of the grantor's assets are distributed among benefactors? According to Florida's Minor Act, up to 50% of a grantor's belongings can go to the grantor's children. Also, the spouse may not be left 100% of the assets.

§ Representing the grantor at court - The power of the trustee requires the trustee to be involved in any court proceedings, as well as making sure benefactors receive their trusted assets. The trustee must closely examine any changes to the trust during court proceedings as well.

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