Can an Executor or Trustee Get Paid for Their Services?
Monday, October 26th, 2009 by Tracey IngleI received an email from a client last week asking about a family situation in another state. A sister has been acting as executor and trustee of an estate. The siblings were trying to resolve what the sister could and should be paid for her services to the rest of the family. I realized that my answer might be of interest to you.
Here in Massachusetts, people who act as fiduciaries, like executors or trustees, are entitled to a “reasonable” fee for their services. The question then becomes the definition of “reasonable”. It varies based upon the size of the estate, type of assets, issues involved, actual time necessary, skills used, and results accomplised. It’s usually an hourly rate for the services actually performed. For a lay-person, that is generally $25-75/hour.
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