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Compensation · 6 min lekti
The standard
MCL 700.7708(1) provides that where the trust's terms do not specify the trustee's compensation, the trustee is entitled to compensation that is reasonable under the circumstances. Where the terms do specify it, the trustee is compensated as specified, but the court may allow more or less if the duties are substantially different from those contemplated when the trust was created, or the specified compensation would be unreasonably low or high (MCL 700.7708(2)).
Notice and the report
A trustee notifies the qualified trust beneficiaries in advance of any change in the method or rate of the trustee's compensation (MCL 700.7814(2)(d)), and the annual report states the source and amount of the trustee's compensation (MCL 700.7814(3)). A trustee paid by an affiliated investment company discloses the rate and method of that compensation at least annually (MCL 700.7802(5)).
Reimbursement
A trustee is entitled to be reimbursed from the trust property, with interest as appropriate, for expenses properly incurred in the administration (MCL 700.7709). Paying the trustee's compensation and the expenses of administration is among the trustee's specific powers (MCL 700.7817(s)).
When compensation is questioned
Among the remedies for a breach of trust, the court may reduce or deny compensation (MCL 700.7901). A self-interested transaction is governed by the duty of loyalty (MCL 700.7802). A licensed Michigan attorney of your choosing can advise on a fee that is unusual for the trust's size or the work.
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Compensation of trustee
MCL 700.7708 ↗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; advance of money as lien; advances and reimbursement not as self-dealing or breach of fiduciary duty
MCL 700.7709 ↗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
MCL 700.7814 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Remedies for breach of trust
MCL 700.7901 ↗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 a Michigan trustee get paid?
What the trust specifies, or, where it is silent, compensation that is reasonable under the circumstances (MCL 700.7708(1)). Michigan has no fee schedule.
Must a Michigan trustee tell beneficiaries before raising the fee?
Michigan's statute provides for notice to the qualified trust beneficiaries in advance of any change in the method or rate of compensation (MCL 700.7814(2)(d)).
Can a Michigan trustee be reimbursed for expenses?
Yes, for expenses properly incurred in the administration, with interest as appropriate (MCL 700.7709).
Lekti ki gen rapò
Sant Aprantisaj la se enfòmasyon jeneral sou lwa Michigan — se pa konsèy legal, e li pa ranplase konsèy yon avoka Michigan ki gen lisans sou reyalite pa ou. TrusteeClear se yon lojisyèl, pa yon kabinè avoka.