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Compensation · 6 min lekti
The instrument or an agreement first
Trustees are compensated in accordance with the trust instrument or any separate written agreement between the trustee and the settlor; after the settlor's death or incapacity or while the trust is irrevocable, the instrument or the agreement may be modified by the unanimous consent of the trustee and all qualified beneficiaries, or by petition under § 53-12-61 (O.C.G.A. § 53-12-210(a)). Where neither provides for compensation, the trustee and all the qualified beneficiaries may agree unanimously without court approval, or a qualified beneficiary may petition the court to approve an agreement (§ 53-12-210(b)). The beneficiaries' power over compensation is a rule the instrument cannot vary (§ 53-12-7(a)(3)).
The statutory default
In every other case, a corporate trustee is entitled to its published fee schedule, provided the fees are reasonable under the circumstances, and an individual trustee to one percent of cash and the fair market value of any other principal asset received on the initial funding of the trust and when additional principal is received, plus an annual fee on the cash and market value of the other principal assets as of the last day of the trust accounting year, prorated by the trustee's length of service that year: 1.75 percent of the first $500,000; $8,750 plus 1.25 percent of the excess over $500,000 to $1 million; $15,000 plus 1.00 percent of the excess over $1 million to $2 million; $25,000 plus 0.85 percent of the excess over $2 million to $5 million; and $50,500 plus 0.50 percent of the excess over $5 million (O.C.G.A. § 53-12-210(c)). The receipt fee is tied to funding and additions, not to a successor's taking office.
Cotrustees, successors, extra compensation and expenses
Unless a separate written agreement provides otherwise, each cotrustee is compensated as the terms, the trustee's own agreement or a published schedule specifies, without apportionment among cotrustees unless they agree; the annual fee is apportioned among trustees and successor trustees according to the proportion of time each rendered services during the year (O.C.G.A. § 53-12-211). A trustee receiving the statutory compensation may petition for more, with notice to the qualified beneficiaries, and the court allows what it deems reasonable (§ 53-12-212). A trustee is reimbursed from the trust property for reasonable expenses properly incurred in the administration (§ 53-12-213), and may receive reasonable compensation from a business enterprise the trust owns an interest in under a contract the statute describes (§ 53-12-214). Among the remedies for a breach of trust, the court may reduce or deny compensation (§ 53-12-301).
Lwa yo, mo pou mo
Compensation of trustee
O.C.G.A. § 53-12-210 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Compensation of cotrustees and successor trustees
O.C.G.A. § 53-12-211 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Extra compensation
O.C.G.A. § 53-12-212 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Reimbursement of expenses
O.C.G.A. § 53-12-213 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Kesyon moun poze souvan
Is there a statutory fee for a Georgia trustee?
Only where the instrument, an agreement with the settlor and an agreement with the qualified beneficiaries all fail to provide one: then a corporate trustee's reasonable published schedule, or for an individual trustee one percent of principal received plus the graduated annual fee of O.C.G.A. § 53-12-210(c)(2).
Does each cotrustee get a full fee in Georgia?
Cotrustees' compensation is not apportioned among them unless they agree, but the annual statutory fee is apportioned among trustees and successor trustees by the time each served during the year (O.C.G.A. § 53-12-211).
Can a Georgia trustee be reimbursed for expenses?
Yes — reasonable expenses properly incurred in the administration are reimbursed out of the trust property (O.C.G.A. § 53-12-213).
Lekti ki gen rapò
Sant Aprantisaj la se enfòmasyon jeneral sou lwa Jòji — se pa konsèy legal, e li pa ranplase konsèy yon avoka Jòji ki gen lisans sou reyalite pa ou. TrusteeClear se yon lojisyèl, pa yon kabinè avoka.