Today we are revisiting a frequent question we receive, “what compensation are Trustees entitled to?” As is the case for Personal Representative Compensation Georgia code includes provisions for compensation of Trustees in §53-12-210. Per the Code, Trustees are entitled to compensation in accordance with either the trust instrument or any separate written agreement between the Trustee and Settlor. This compensation may be modified or if no provision was made for compensation, an agreement entered into after the Settlor’s death, if all of the qualified beneficiaries, including guardians or conservators of any qualified beneficiary who is not legally competent, unanimously consent to modifying the compensation. Or in the case where one or more qualified beneficiary is not legally competent and no guardian or conservator is serving, a petition for modification of the Trustee’s compensation or to establish Trustee compensation may be filed with the court.
In cases other than these, the Trustee is entitled to compensation as follows: (1) for corporate trustees, as provided in its published fee schedule, provided such fees are reasonable; or (2) for individual trustees, (a) 1% of cash and fair market value of any other principal asset received upon initial funding of the trust and as additional principal assets are received; plus (b) an annual fee calculated based on the trust assets as follows:
| If the cash and market value of assets are | Annual Fee |
| $500,000.00 or less | 1.75 percent |
| More than $500,000.00 but no more than $1 million | $8,750.00 plus 1.25 percent of the excess over $ 500,000.00 |
| More than $1 million but no more than $2 million | $15,000.00 plus 1.00 percent of the excess over $1 million |
| More than $2 million but no more than $5 million | $25,000.00 plus 0.85 percent of the excess over $2 million |
| More than $5 million | $50,500.00 plus 0.50 percent of the excess over $5 million |
The Code also provides that when co-trustees are serving, the annual fee shall be apportioned among the trustees according to the proportion of time each rendered services during the year.
We work with individuals and families to develop Estate Plans, serve as counsel to Trustees, and act as Trustee. For more detailed information and to discuss your specific case, call us today at (678)781-9230 to schedule an appointment.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.