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Compensation · 6 min lekti
Reasonable compensation, and the terms' figure
Est. & Trusts § 14.5-708(a)(1) provides that, where the terms of a trust do not specify the trustee's compensation, the trustee is entitled to compensation that is reasonable under the circumstances. Where the terms specify it, the trustee is compensated as specified, but the court may authorize more or less where the trustee's duties are substantially different from those contemplated or the specified compensation would be unreasonably low or high (§ 14.5-708(a)(2)). A trustee who renders other services in the administration is also allowed reasonable compensation for them (§ 14.5-708(a)(3)).
The court's eight factors
In deciding whether compensation is reasonable, a court considers the value and character of the trust property; the risk and responsibility of administering it; the time spent and the quality and character of the trustee's services; the character and cost of services others provided; the trustee's skill and experience; the results obtained; the terms of the trust; and any other factor it considers relevant (Est. & Trusts § 14.5-708(b)).
The schedule of rates, and who may file one
A supervised financial institution, or a member of the Maryland Bar, may charge reasonable compensation calculated by a schedule of rates previously filed with the Commissioner of Financial Regulation (a savings and loan association with its Division's director), giving notice to the qualified beneficiaries personally or by certified mail, return receipt requested, with a clear statement of their right to petition the circuit court to review the rates (Est. & Trusts § 14.5-708(d)). Any other individual trustee is entitled to reasonable compensation under § 14.5-708(a) unless the trustee obtains the circuit court's approval to file a schedule after notice to the qualified beneficiaries (§ 14.5-708(e)).
Reimbursement, and the record
A trustee is reimbursed from the trust property, with interest as appropriate, for expenses properly incurred in the administration (Est. & Trusts § 14.5-709). Paying reasonable compensation to the trustee is not precluded by the duty of loyalty (Est. & Trusts § 14.5-802(f)), and a report on request states the source and amount of the trustee's compensation (Est. & Trusts § 14.5-813(c)(1)). A record of the hours, the tasks and the documents is what a reasonableness question draws on.
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Compensation of trustee
Est. & Trusts § 14.5-708 ↗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
Est. & Trusts § 14.5-709 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Duty of loyalty
Est. & Trusts § 14.5-802 ↗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 report
Est. & Trusts § 14.5-813 ↗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 can a Maryland trustee charge?
Where the terms are silent, compensation reasonable under the circumstances (Est. & Trusts § 14.5-708(a)(1)), judged by the court's eight factors (§ 14.5-708(b)); Maryland sets no percentage for an individual trustee.
Can a family member serving as Maryland trustee use a fee schedule?
Only with the circuit court's approval after notice to the qualified beneficiaries, unless the family member is a member of the Maryland Bar (Est. & Trusts § 14.5-708(d), (e)).
Is a Maryland trustee reimbursed for expenses?
Yes — for expenses properly incurred in the administration, with interest as appropriate (Est. & Trusts § 14.5-709).
Lekti ki gen rapò
Sant Aprantisaj la se enfòmasyon jeneral sou lwa Maryland — se pa konsèy legal, e li pa ranplase konsèy yon avoka Maryland ki gen lisans sou reyalite pa ou. TrusteeClear se yon lojisyèl, pa yon kabinè avoka.