United States:
Recent Case Reinforces Important Message On Trustee's Fees
03 March 2016
Lindquist & Vennum
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In Robert Rauschenberg Foundation v. Grutman, a Florida
appeals court recently held that $24.6 million was reasonable
compensation for trustees that served for approximately six years.
While the court agreed that trustee's fees should not be based
on a percentage of the assets of the trust, it reviewed the time
involved, the skill and experience of the trustees, the success of
the trust, the customary wages paid to trustees and other factors
to determine reasonable compensation.
This case teaches an important lesson—where trustee's
fees are not set forth in or determinable by the trust agreement or
agreed to by the trustee and the beneficiaries, state law will
determine the compensation of the trustee.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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