Rights of Trustees to Compensation

• Author: Seymour Goldberg
• Profession: Senior partner in the law firm of Goldberg & Goldberg, P.C., in Woodbury, New York
• Pages: 33-33

A trustee has a right to be compensated and to receive reasonable com-

pensation. If there are multiple trustees, then depending on state trust law,

there may be multiple trustee commissions. A state trust law could allow

compensation to be determined based on percentages of trust assets. New

York State trust laws provide for annual trustee commissions to be paid

based on percentages of trust assets. It is possible, under New York State

law, to provide for the specic compensation for a trustee.

Many state trust laws provide that if the terms of the trust document

do not provide for specic compensation of a trustee, then the trustee is

entitled to receive reasonable compensation. Counsel for the trust should

advise the potential trustee with respect to the manner of determining

reasonable compensation in a given jurisdiction.

33

RIGHTS OF TRUSTEES

TO COMPENSATION