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When someone is appointed trustee, they are taking on a lot of responsibilities. Besides simply making trust payouts, the trustee must also make sure that they do certain things such as making wise investments with the trust principal, protect the trust from losses and make periodical accountings to the beneficiaries of the trust. For this reason, trustees are entitled to collect fees for their work. However, as most things covered by estate law, determining what the fees are can be difficult, meaning that the wisest course of action for a new trustee is to have the assistance of a Long Island estate attorney.

Similarly to executor commissions in estate law, trustee commissions are not based on a flat rate but are rather based on how much the value of the trust is. Factors such as how many trustees there are can also have an impact of trustee fees. A trustee may also be allowed to collect a commission for transactions done on behalf of the trust if those transactions are outside of the normal yearly commission.

Trustee commissions are disbursed out once every 12 month period. The period can begin on a number of days, including going by the calendar or fiscal year. The commission is paid partially by the principal and partially by the interest. The commission structure for trustees is as follows:

1. $10.50 per $1,000 of the first $400,000 of the principal of the trust,
2. $4.50 per $1,000 of the next $600,000 of the principal, and
3. $3.00 per $1,000 of the rest of the trust.

In some cases, more than one trustee may be appointed. In such a case, the amount that is disbursed depends on the value of the trust and the number of trustees. If the value of a trust is under $100,000, each trustee gets a full commission. If a trust is worth $100,000-$400,000 and there are one or two trustees, each trustee is entitled to a full commission, yet if there are three or more trustees, the commission will be divided up amongst all of the trustees. Finally, if the trust is worth more than $400,000 and there are one, two or three trustees, all of the trustees will get a full commission, however, if there are more than that, the commission will be divided up amongst all the trustees.

Finally, a trustee is allowed to take a percentage of each transaction as a fee for their work on that transaction of 1%. This would be for things such as making investments on the principal or making payouts.

If you have been appointed trustee, the commissions that you get paid are just one of the things that have to be included in an accounting to the beneficiaries on a periodic basis. For this reason, you want to be sure that the commissions are calculated and paid out correctly. Because of their complexity, you should have a Long Island estate attorney on your side to make sure that everything is done properly. If you are a beneficiary, you may need a Long Island estate attorney to make sure that the trustees are not taking more commissions than they are entitled to. Call the Law Offices of Albert Gurevich at (516) 777-0647.

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Does There Have To Be A Reading Of The Will On Long Island?

May 9, 2015

There is a recurring TV show and movie scene when a character dies, where the family of the decedent gathers in the lawyer’s office, or the lawyer meets with the family, and the deceased person’s will is read in some dramatic fashion to the surviving heirs. This probably leads many who just lost a loved […]

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What is Mental Incompetence for a Long Island Will Contest?

April 22, 2015

Understanding Testamentary Capacity Many people assume that because their loved one has mental issues that it meant that they would not have the capability to sign a will. This would be a reasonable assumption considering that one must have a certain amount of mental capacity to sign other legal documents, such as contracts, and would […]

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What is Considered Undue Influence in a Long Island Will?

April 15, 2015

A common objection to a will is that someone used undue influence to get the person who died on Long Island to change their will so that it no longer reflected how they wanted their estate be divided after their death. Undue influence, while a common objection, is also one that is challenging to prove […]

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Can a Trust on Long Island be Terminated or Changed?

April 3, 2015

Are the Terms of a Long Island Trust Permanent? If you are setting up a trust, are a trustee or are a beneficiary of a trust, you may need to know if the trust that you have set up can be modified in some way or cancelled. The answer is not a simple one, and […]

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2015 Long Island Update on Changes to New York Estate Tax Laws

March 25, 2015

New York is one of the few states with an estate tax system that is stricter than the Federal system and, last year, new laws were passed to try and change this. There are some parts of the law that work better for the majority of those who have high-value estates, but for those with […]

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How Can I Use a Supplemental Needs Trust To Get Medicaid on Long Island

February 26, 2015

Allowing for Payment for Expenses While on Government Assistance When dealing with a seriously disabled person, how you handle that person’s finances can be essential when it comes to dealing with government benefits. Too many assets, and a person can either be denied benefits in the first place or end up having them taken away. […]

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What Happens if There Aren’t Enough Assets in a Long Island Estate?

February 14, 2015

Who Gets Paid First When There Isn’t Enough Money To Pay Everyone It is not uncommon when someone dies that the estate ends up owing more than the estate actually has in assets. Many times, people end up wracking up large medical bills in their final days, or they may end up spending most of […]

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Do I Need An Attorney To Make A Will On Long Island?

February 2, 2015

Could Doing Your Own Will Cost Your Beneficiaries? If you look up estate planning online, you can find almost countless resources on all of the ways that you can write your own will in order to save yourself some legal fees. The parties behind these resources try to convince the customer that DIY when it […]

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Appealing a Surrogate’s Court Judgment on Long Island

January 20, 2015

How to Move Forward When You Disagree With the Court’s Decision Appeals are relatively common in all areas of the law because they offer a party to a legal matter to have another court review a decision to make sure that it is proper. On Long Island, Surrogate’s Court decisions, like all court decisions in Nassau […]

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