If my wife is a trustee of a special needs trust generated but failed to take the legally amount of compensation, can she do so now?

According to ny law she was allowed to take $10.50 per thousand, unfortunately she was unaware of the commission stated and only took small amounts and sometimes not at all. Can she now take the proper amount for the years she only took nothing at all,or the years she took small amounts?

Asked on February 7, 2013 under Estate Planning, New York


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

So long as your wife as the trustee under a special needs trust documents what she is asking for compensation and sends notice to all beneficiaries under the trust of her desired retroactive compensation for the beneficiaries to date, sign and return the acknowledgement of such, then she can legally do what she desires. It is always best to fully disclose all she is doing with respect to the matter you have written about.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.