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Compensation · 6 min lekti
The standard
760 ILCS 3/708 provides that where the trust instrument does not specify the trustee's compensation, the trustee is entitled to compensation that is reasonable under the circumstances. Where the instrument does specify it, the trustee is compensated as specified, but the court may raise or lower the compensation if the duties are substantially different from those contemplated when the trust was created, or the amount would be unreasonably low or high.
Notice and the accounting
A trustee notifies the qualified beneficiaries in advance of any change in the rate of, or the method of determining, the trustee's compensation (760 ILCS 3/813.1(d)(1)(B)), and each trust accounting shows the trustee's compensation among the disbursements (760 ILCS 3/103).
Reimbursement
A trustee is reimbursed from the trust property, with interest as appropriate, for expenses properly incurred in the administration and protection of the trust (760 ILCS 3/709). Paying reasonable compensation and the expenses of administration is among the trustee's specific powers (760 ILCS 3/816).
When compensation is questioned
Among the remedies for a breach of trust, the court may reduce or deny compensation (760 ILCS 3/1001). A self-interested transaction is governed by the duty of loyalty (760 ILCS 3/802). A licensed Illinois attorney of your choosing can advise on a fee that is unusual for the trust's size or the work.
Lwa yo, mo pou mo
Remedies for breach of trust
760 ILCS 3/1001 ↗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 trustee
760 ILCS 3/708 ↗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
760 ILCS 3/709 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Duty to inform and account; trusts irrevocable and trustees accepting appointment after effective date of Code
760 ILCS 3/813.1 ↗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
How much does an Illinois trustee get paid?
What the trust instrument specifies, or, where it is silent, compensation that is reasonable under the circumstances (760 ILCS 3/708). Illinois has no fee schedule.
Must an Illinois trustee tell beneficiaries before raising the fee?
Illinois's statute provides for notice to the qualified beneficiaries in advance of any change in the rate or method of determining the compensation (760 ILCS 3/813.1(d)(1)(B)).
Can an Illinois trustee be reimbursed for expenses?
Yes, for expenses properly incurred in the administration and protection of the trust, with interest as appropriate (760 ILCS 3/709).
Lekti ki gen rapò
Sant Aprantisaj la se enfòmasyon jeneral sou lwa Illinois — se pa konsèy legal, e li pa ranplase konsèy yon avoka Illinois ki gen lisans sou reyalite pa ou. TrusteeClear se yon lojisyèl, pa yon kabinè avoka.