How do you determine “reasonable” executive trustee administrative fees?

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How do you determine “reasonable” executive trustee administrative fees?

I am the executive trustee for a trust that has been in affect for more than 15 years. During that time I was paid less than half a percent of the total assets for my administrative fees. The trust manages approximately $2,000,000 worth of assets- including leased gas stations and leased farm land.

Asked on February 23, 2012 under Estate Planning, Colorado

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Yes, that is the term that the statute in Colorado uses rather than a set amount such as 2% or something like that. Reasonableness is determined on a case by case basis and it is absolutely necessary that you keep very good records as to what you have been doing (your duties, time spent, etc.).  If you feel that you have been underpaid then you need to address the issue by bringing a proceeding in court for a "raise."  Get legal help.  Good luck.


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