The Listen to Lawrence Letter: Do you have to pay the trustee to serve?

CLIENT QUESTION:

Is it not expected that the trust fund will have to pay a trustee to fill the role, and to do so annually?

MY RESPONSE:

Actually, NO!  Usually, the children are the trustees and we expect them to serve for love and affection. The trust can be drafted so that a trustee can be paid or not…and with family serving in the role the answer is most often not. Having said this, you can set up your trust so that family members get paid. If the trust is silent, then the trustee will have a right to be paid by law. This is all your choice when you set up your trust.

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