You could well be justified in charging more based on the number of years you have worked and the value of the trust. Peter Klenk made a complex subject understandable and allowed us to move forward with our estate planning. Similarly, the individual who establishes a trust and the trust’s beneficiaries also prefer to know exactly how much of the trust’s resources will be used for administration. In 1948, the Supreme Judicial Court in McMahon v. Krapf, 323 Mass. 19 The decision overturned a lower court decision that had gone in Wachovia’s favor, with the implication that Wachovia might have to return to the Smith trust the higher fees it had begun awarding itself at that time. At that time, Florida’s “new trust accounting law,” Chapter 26656 — (No. 20 Like another reviewer, I contacted Peter through his website using the free consultation link, for a question regarding PA inheritance taxes. And because as trustee, you’re in control of those assets, that means you’re in charge of paying yourself. The Annual Fees. Others can decide whether this assists or detracts proper trust administration. So of course I hired him! Peter provided outstanding advice and preparation of a will and trusts. § 7768. 2d 807, 812-13 (Fla. 1958), in which the court awarded attorney fees because the trustee had made its reasonable compensation claim in good faith. Let’s be clear about one thing: This fee schedule serves as a loose guide line for executors in the state of Pennsylvania. It is not a binding fee schedule in court. Sitemap Florida National Bank, 100 So. In exchange for their time and work, executors and trustees are entitled to compensation from the estate. When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. Pennsylvania does not make it as easy as many other states do for executors to determine a reasonable fee for their duties. It has gained popularity because many judges have referenced the Johnson case when determining whether an executor’s fee is unreasonable. Peter and his staff made what I thought would be a difficult process easy and understandable. from NYU Law School and his J.D. Pennsylvania requires the amount that an executor charges to be “reasonable and just under the circumstances.”. These fees usually arise when a successor trustee takes over the administration of the trust upon the death or incapacitation of the person who originally enacted the trust. The types of compensation specified can be an hourly rate, a flat rate per year, a combination of both. New York trustee fees are based on commissions – they are not done on a flat basis. For instance, it allows a regular trustee to be compensated more for extraordinary work. For example, a Trust that is valued at $10 million, will pay $100,000 to $200,000 annually as Trustee fees. This advice provided me with the information I required to progress the case to my advantage. contact our office for a free consultation. However, in general your $20,000 of fees and expenses to date for more than two decades of acting as trustee sounds quite reasonable. Today I spoke with Peter about estate planning and was impressed with by his professionalism, cordiality, and attention to detail. Also see Disclaimer below.           Johnson Estate, 4 Fid.Rep.2d 6, 8 (O.C. We see a high degree of conflict over this issue even when the amount of the claimed fee is small compared to value of the trust estate. How much compensation? Being named an executor or trustee is an honor, but it’s a title that carries many responsibilities. I'm totally satisfied with Klenk Law. Let us put our expertise to work for you. He will be a valuable resource for years to come and clearly has a great understanding of estate law that will lead to innovative solutions for us. He was patient with our questions and creative in the solutions he proposed. Pennsylvania, however, early recognized by statute that a trustee was entitled to reasonable and just compensation for his services. Depending on the type of trust (including special needs trusts (or a minor’s trust) the role can become a full-time commitment. He earned my trust, and more importantly, my parents' trust in a 45 mins consultation period. The trustee’s payment comes from the trust assets. at 278-79. Therefore, it is critical for executors and trustees to keep detailed and accurate notes of their work, their time and the expenses accrued in order to perform their duties. The obvious and immediate conflict of interest that exists with respect to trustee compensation is that the trustee, the person who may unilaterally take a fee from the trust’s assets, is also the person who decides what is reasonable. § 18-6-1 Reasonable compensation (not UTC) South Carolina SC Code § 62-7-708 Reasonable compensation South Dakota SDC § 55-3-14 Reasonable compensation (not UTC); no more than specified in document Tennessee … Our blog analytics show that our post of a few years ago on the fee issue continues to draw a high number of hits. Executors Fees in Pennsylvania Chart of Executor's Fees appears below. money out of the beneficiaries’ pockets. Everything about my experience was a 10+! AWESOME LAWYER! Parkview Tower 1150 First Avenue, Suite 501, © 2020 This term will not scare a corporate trustee away from serving when all previously appointed trustees have stopped serving. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Some trusts set out a flat or hourly fee for the trustee, but that’s not too common. Peter was excellent. Fee Calculators ; Trustee Compensation Calculator; The following is a useful tool for determining the guideline compensation for a particular given value. The payout schedule of NY trustee fees … Peter grasped precisely what I was asking, and provided a clear, helpful response (with a touch of humor) the very next day. Go to our Breach of Fiduciary Duty page for information about Trustee duties. Corporate Trustees are at the top of the group, and they usually are paid a percentage of the Trust assets as Trustee’s fees. Based on a court ruling in 1983 (specifically: Johnson Estate, 4 Fid. Will Contest Law Firm King of Prussia, PA, Prenuptial Agreement Lawyer Philadelphia, PA |, Postnuptial Agreement Lawyer Philadelphia, PA |, Estate Litigation Attorney Cherry Hill, NJ |, Estate Planning Lawyer King of Prussia, PA |. Trust Attorneys and Trustees often favor this term because it provides maximum flexibility. Post was not sent - check your email addresses! (a) If unspecified.--If neither the trust instrument nor a separate written agreement signed by the settlor or anyone who is authorized by the trust instrument to do so specifies the trustee's compensation, the trustee is entitled to compensation that is reasonable under the circumstances. We will make the process as easy as possible! Peter and his staff are very responsive and always willing to help my clients and in a cost efficient manner. Few key cases in Massachusetts guide the fiduciary in setting reasonable fees. Judge Wood even attached the alleged “Attorney General” fee schedule to the opinion. Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. Pennsylvania does not make it as easy as many other states do for executors to determine a reasonable fee for their duties. Pennsylvania courts should favorably consider the decision of the Florida Supreme Court in West Coast Hospital Association v. Florida National Bank, 100 So. Professional trustees rarely charge less than a 1% of the total worth of the estate as a fee. Peter Klenk received his Masters in Taxation LL.M. Answered my question quickly and referred me to a colleague that could handle my problem. Also important, if an executor hires an investment manager to help manage the estate’s portfolio, then the executor should take into account the investment advisory fee along with any executor fee. klenk Law. High marks all the way around. An exception to this might be where the Trust owns real property that stays within the Trust for an extended number of years. Everyone on the staff that I have worked with. | However, there are several elements and responsibilities that go along with the title. In Johnson, Judge Wood stated that a “Pennsylvania Attorney General Fee Schedule” existed, which established a graduated scale of fees the Attorney General would deem reasonable in matters involving a charitable beneficiary or interest. Pennsylvania does not have a statutory trustee fee schedule. If the trust document has not yet been drafted, the grantor can expressly state the compensation a trustee will receive. (20 Pa.C.S. Executors often come under fire from the estate’s beneficiaries for receiving fees that seem unreasonable—i.e. Individual trustees are still entitled to a reasonable trustee fee, just like professional trustees. Additionally, he was congenial and able to communicate effectively to my senior citizen parents the benefits of estate planning. The trustee gets two kinds of fees: annual fees and paying out fees. The sources of clarity on what is or is not reasonable are judge’s opinions. I look forward to continuing our relationship. Certainly if this was the law of Pennsylvania, Trustees would need to be more accommodating to the beneficiaries. 43 Exhibit D: Checklist for Determining Reasonable Trustee Compensation Exhibit E: Checklist for Fee Adjustments pg3 Table of Contents pg11 27 35 31 45 AN OVERVIEW OF “REASONABLE COMPENSATION” OF TRUSTEES . Generally, the trustee can name a reasonable price and avoid potential adverse consequences from the beneficiaries. Some trust documents may even stipulate that trustees serve with no fee. As a consumer it is best to have an attorney review the facts of your particular estate and then to quote a flat fee based primarily on the work to be done by the firm. Compensation of trustee - UTC 708. Let’s take a closer look at these questions: Many, but not all, states have a published court-approved fee schedule for executors and trustees to follow. Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to email this to a friend (Opens in new window), Click to share on LinkedIn (Opens in new window), Executor/Trustee Fee Compensation: A State by State Case. Compensation of trustee - UTC 708. Input the desired value under "Enter Value." Peter has a great legal mind with the personality of the guy next door. Highly recommend Peter. When it comes to annual commissions, a specific amount is provided by law. It's better to pay the trustee a flat rate rather than an hourly rate in most cases, but this is usually decided on a case-by-case basis. Decisions must be made about all sorts of issues, including distributions to beneficiaries, selling or buying property, fees to charge, and advisors to hire. Every detail was handled correctly. Personally, my husband and I have selected Peter to help us with our estate planning, and he has been very helpful in providing us with all of the information we need to provide a secure future for our family. A trustee gets yearly commissions for managing the trust. Use the "Reset" button to delete all amounts and start over. Clients can also judge whether or not the fee is reasonable given the division of work between the law firm, the executor and family, accountants, or others. Trustees in Pennsylvania often ask us what form of compensation they will receive for serving. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. While professional trust companies often charge more than other trustees, compensation is usually between 0.5% and 1.5%, with the fees occasionally being up to 2% per year. Below is the fee schedule from that case: Exhibit A … § 7768. This standard fee also serves as a base rate for relatives or close friends of the trustor that serve as the trustee because laws assume he or she will be performing the same duties that a … No other firm could possibly do better than Klenk Law! Trustee fees are fees paid to the person or entity acting as the trustee of a living trust on someone's behalf. Peter Klenk is an exceptional attorney and a very nice person! After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. Fantastic customer service. Like so many things in life, nothing is easy. Affable...yet surprisingly cerebral estate planning atty. If you have questions about trustee fees in Pennsylvania or any other estate planning concerns contact our office for a free consultation. © Copyright 2017, Independence Advisors, LLC | Disclaimer. Peter was very knowledgeable in estate planning matters, able to define the best solution for the situation. Like so many things in life, nothing is easy. Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. | But, an individual private trustee, like a family member or beneficiary of the trust still needs to function competently and carry out the basic duties of a trustee (see below). Peter is excellent. trustee's exaggerating his duties for the purpose of increased compensation, and the fact that trustees often passed their duties on to attorneys experienced in trust administration. All that without even giving a single penny! As the saying goes, “Heavy lies the crown.”  Executors/trustees are in a position that demands a great deal of responsibility. §7768 Reasonable compensation; added factors a court may consider Rhode Island RI Gen.L. Instead trustee's fees vary depending upon the the services performed and the party performing the services. If the trustee does not feel the compensation is worth their time and effort, it is their right to refuse to serve. What is a reasonable trustee’s fee in California for a family member who acts as trustee? You’ll probably also be in charge of determining the amount of your own compensation. I highly recommend Klenk Law for probates, wills, trusts, and other issues germane to estate planning! Mr. Klenk, quickly understood the circumstances presented and provided clear and concise advice. Peter and his associates made things easy for us. If you need more help deciding if you should accept compensation for serving as executor, read this guide.. Rep. 2d 6) executors and fiduciaries have relied on a fee schedule adopted by Judge Wood in the above mentioned Orphan Court case. In fact, there are companies whose sole existence is to serve as trustees. Calculating a Reasonable Fee. In the end, it is the responsibility of the executor/trustee to make sure that their total compensation coming from the estate is reasonable given the needs of the estate. Id. My wife and I originally tried using a lawyer through group legal coverage, but unfortunately the old adage - "you get what you pay for" - applied to the other lawyer, and we decided to go with a real professional. Making the question more difficult is that judge’s opinions differ based on county and circumstance. pg3 Trustee compensation statutes take one of two forms: either a “fee schedule” statute, where one or more schedules are used as an objective framework for … Peter explained a complex subject very clearly, helped us to decide the best approach to managing our estate and then made it very easy for us to execute the required documents. Most corporate Trustees will receive between 1% to 2%of the Trust assets. From speaking to their secretary to speaking to Peter I knew I was making the right decision. “Reasonable” is also the default compensation a court will apply when no compensation has been specified in the trust document. In putting together your estate plan, you may want to use the standard “reasonable compensation” or you may want to define the compensation in the trust agreement. The amount varies with the size of the trust. Unfortunately, the great Commonwealth of Pennsylvania – is not one of those states. Tremendous firm with bright, kind and tenacious people. To help him or her, the private, individual trustee can hire other professionals to help. Peter recently gave a presentation about Wills & Trusts at my employer, and it was fantastic! And, the reason that executors are permitted to take a fee is that the job can be quite time consuming. However, there is some helpful guidance for executors in Pennsylvania. from the University of Minnesota Law School. He explained everything very clearly and is super friendly. Estate Attorney Cherry Hill, NJ | Probate Attorney Allentown, PA | Probate Lawyer Cherry Hill NJ | Living Will Lawyer Philadelphia PA | Estate Lawyer Allentown, PA | Estate Litigation Lawyer Allentown, PA | Probate Lawyer Cherry Hill NJ | Estate Planning Lawyer Allentown, PA | Will Contest Law Firm King of Prussia, PA | Contesting a Will Philadelphia PA | Will Challenges Law Firm Philadelphia PA | Will Contest Law Firm Bucks County | Will Contest Law Firm Philadelphia, PA | Trust Litiation Lawyer Cherry Hill, NJ | Trust Lawyer Cherry Hill NJ | Prenuptial Agreement Lawyer Philadelphia, PA | Postnuptial Agreement Lawyer Philadelphia, PA | Estate Attorney Cherry Hill, PA | Estate Litigation Attorney Cherry Hill, NJ | Estate Planning Lawyer King of Prussia, PA | Will Challenges Law Firm Cherry Hill, NJ. He was extremely knowledgeable and provided valuable information to the group. Although the fee schedules may not be easy to understand, at the very least an executor has a guideline to follow when deciding what constitutes appropriate compensation. Chester 1983). Disclaimer Highly recommend Klenk Law for anyone that needs to create a will and estate documents. He is very easy to work with. 2010 Pennsylvania Code Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES Chapter 77 - Trusts 7768 - Compensation of trustee - UTC 708. Therefore, it is critical for executors and trustees to keep detailed and accurate notes of their work, their time and the expenses accrued in order to perform their duties. from … Very personable and most importantly they provide great explanations of what is required based on your individual needs. Sorry, your blog cannot share posts by email. Estates can range in size and complexity – which may or may not call for the trustee to do a lot of work. Most often, a trust will include a term specifying that a trustee shall receive 'reasonable compensation', read more about fees. You & your staff are the best thank you for everything. The Johnson Estate executor fee schedule is a benchmark many PA judges have recognized over the past 30 years when someone challenges an executor's fees. Always professional and very responsive. That definition is comically vague. An Executor is designated under a will. Serving as a Trustee is a time-consuming job. He served his country in the Navy JAGC during Desert Storm. Are there any guidelines? Changes in Pennsylvania trustee compensation statutes have raised two questions regarding the constitutionality of their retroactive applica-tion. Then click the "Calculate" button at the bottom and view the result in the "Guideline Fee" column. Powered By: Matador Solutions Easy to talk to, feel free to call Peter for an appointment. If you’d like a bit more (free) help understanding the estate settlement process, you can answer a few simple questions and get a free custom executor plan here on Executor.org.. And, here are the executor fees by state, so you know how much compensation is reasonable. I had a very complicated situation with my parents' estate planning and potential Medicaid needs. Everything was done in the time frame he said it. Many people consider it an honor to be named an executor or trustee. A reasonable fee for a routine administration of the trust ranges from 1.0% to 1.5% of trust principal per year, but can vary depending on circumstances. All Rights Reserved. . In 2005, the Pennsylvania Supreme Court ruled unanimously in favor of Mary Smith and against Wachovia’s request to receive a retroactive hike in its fees. What is reasonable? How much are trustee fees? While executors’ fees are set by statute in many states, the “PEF” Code (the Pennsylvania Probate, Estates and Fiduciaries Code) provides only that a personal representative’s compensation shall be “reasonable and just” – based upon the specifics of each estate – and that it “may” be calculated on a graduated percentage. Great representation for our family. Peter and his staff handled all of our needs in a very professional and timely matter. Thank you, Peter! Please read this article for a full explanation of the chart. In the trust dynamic, the principal sets the terms. Most often, a trust will include a term specifying that a trustee shall receive ‘reasonable compensation.’. The question was quite technical and difficult to explain, and the answer was nowhere to be found on the web. Peter Klenk received his Masters in Taxation LL.M. When someone dies, his or her probate estate is administered by an Executor or an Administrator. Could not have been better! People were very engaged and asked several questions, all of which Peter thoroughly answered. There have also been cases in which judges will not use the Johnson fee schedule as a guideline. To determine what is reasonable you can inquire what a corporate trustee such as a local bank would charge for its services. Peter explained things in a way that was easy to understand. I would unhesitatingly recommend him for estate planning. That dynamic is reason enough for beneficiaries and their advisers to keep a vigilant eye on the compensation component of the trust relationship. Peter Klenk received his Masters in Taxation LL.M. For more information go to our Estate Litigation page. pg2. Click here to see the fee guidelines often used in Pennsylvania Estates. performing trustee functions may reduce trustee fee Pennsylvania 20 Pa. C.S. It could be that there is a high value property that does not generate sufficient income to justify an annual Trustee fee of 1% to 2%. 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