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Money · 5 мин чтения
Reasonable compensation, or as the instrument specifies
G.L. c. 203E, § 708(a) 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 entitled to be compensated as specified, but the court may allow more or less if the trustee's duties are substantially different from those contemplated when the trust was created or the specified compensation would be unreasonably low or high (§ 708(b)) — a power of the court the terms of the trust cannot displace (§ 105(b)(7)). The duty of loyalty does not preclude an agreement between a trustee and a beneficiary relating to the appointment or compensation of the trustee, or the payment of reasonable compensation to the trustee, if fair to the beneficiaries (§ 802(g)).
The account, and no advance notice
The trustee's account, sent at least annually and at the termination of the trust, includes the amount of the trustee's compensation (G.L. c. 203E, § 813(c)); Massachusetts's statute asks for no advance notice of a change in the method or rate of compensation. A trustee compensated by an investment company or investment trust for investment advisory or management services notifies, at least annually, the persons entitled under § 813 to the trustee's annual report of the rate and method of that compensation (§ 802(e)). Among the remedies for a breach of trust, the court may reduce or deny compensation to the trustee (§ 1001(b)(8)), and interested persons may settle the determination of a trustee's compensation by a non-judicial settlement agreement (§ 111(d)(4)).
Expenses, and what the statute leaves open
A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for expenses properly incurred in the administration of the trust and, to the extent necessary to prevent the trust's unjust enrichment, for expenses not properly incurred; an advance of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest (G.L. c. 203E, § 709). Among the specific powers, a trustee may pay taxes, assessments, the compensation of the trustee and of employees and agents of the trust, and other expenses incurred in the administration (§ 816(15)), incurring only costs appropriate and reasonable in relation to the trust property, the purposes of the trust and the skills of the trustee (§ 805). The Massachusetts Uniform Trust Code sets no schedule or percentage for a trustee's compensation; whether a particular fee is reasonable under the circumstances is a question for a licensed Massachusetts attorney of your choosing.
Законы, дословно
Remedies for breach of trust
G.L. c. 203E, § 1001 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Compensation of trustee
G.L. c. 203E, § 708 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Reimbursement of expenses
G.L. c. 203E, § 709 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Duty to inform and report
G.L. c. 203E, § 813 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Частые вопросы
Does Massachusetts have a statutory trustee fee schedule?
No. Where the terms of the trust do not specify the trustee's compensation, the trustee is entitled to compensation that is reasonable under the circumstances (G.L. c. 203E, § 708(a)); where they do, the trustee is compensated as specified, subject to the court's power to allow more or less (§ 708(b)).
Can a beneficiary challenge a Massachusetts trustee's fee?
The court may allow more or less than the terms specify where the trustee's duties are substantially different from those contemplated or the specified compensation is unreasonably low or high (G.L. c. 203E, § 708(b)), and may reduce or deny compensation as a remedy for a breach of trust (§ 1001(b)(8)); a proceeding concerning the administration of a trust may be initiated in the Probate and Family Court by petition with notice to interested parties (§ 201(d)).
Must a Massachusetts trustee tell the beneficiaries about a fee change?
The statute asks for no advance notice of a change in the trustee's compensation; the account sent at least annually and at the termination of the trust states the amount of the compensation (G.L. c. 203E, § 813(c)), and the terms of the trust may provide otherwise (§ 105(a)).
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