Trustees remuneration-trusts laws and accounts, Financial Accounting

Trustees remuneration

A trustee may not receive remuneration except:

1. By order of the court, if the trust is very onerous or the services of the trustee very valuable;

2. Under authority in the trust instrument;

3. By consent of all the beneficiaries, being all sui juris and absolutely entitled;

4. In the case of the Public Trustee, whose fees are fixed by the Treasury; moreover, where the court appoints a corporation to be a trustee, the corporation may charge such remuneration as the court authorises;

5. In the case of an advocate-trustee who may charge his costs unless acting alone; moreover the partner of an advocate-trustee may be employed by him on trust work and be paid his charges, so long as the partner alone is entitled to any profit;

6. If the trust property is situated abroad and the foreign law permits payment.

Posted Date: 12/15/2012 12:08:44 AM | Location : United States

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