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For a revocable living trust, that Trustee is usually the person that created the trust.The successor trustee usually takes power when the person that created the trust either becomes incapacitated or has died. The Trustee only manages the assets that are owned by the trust, not assets outside the trust.

Do Successor Trustees Get Paid? YES, Successor Trustees can get paid or they may volunteer.

Successor trustees have to willingly accept their role usually by signing a consent to serve or affidavit of appointment. If an existing trustee wishes to change their successor trustee, they must make an actual amendment to the trust. Most courts won't accept informal, self-made changes.

Most professional Trust Companies (Administrators) will typically charge between 1% to 2% for a Trust estate that is settled within one (1) year, or 1% to 2% annually, based on the net value of Trust Assets under Management.

Under California Probate Code section 15680, a trustee is entitled to be compensated as set forth in the instrument. For example, the instrument might state that the trustee shall receive a management fee of one percent of the value of the trust assets per year, with pro ration for partial years.

Most corporate Trustees will receive between 1% to 2%of the Trust assets. For example, a Trust that is valued at $10 million, will pay $100,000 to $200,000 annually as Trustee fees. This is routine in the industry and accepted practice in the view of most California courts.

Successor trustees are appointed in the trust document itself. The trustor will specify who they want to take over management of the trust if and when they can't do it themselves.

Trustees are entitled to reasonable compensation whether or not the trust explicitly provides for such. Typically, professional trustees, such as banks, trust companies, and some law firms, charge between 1.0% and 1.5% of trust assets per year, depending in part on the size of the trust.

Nolo's Living Trust does not currently allow you to name an institution as successor trustee. If you want to do so, you will need help from an attorney. Normally, your first choice as successor trustee should be a flesh-and-blood person, not the trust department of a bank or other institution.

Appointment Of Successor Trustee Form

Description Consent Letter Of Trustees Format

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FAQ

What is the difference between a trustee and a successor trustee?

Do successor trustees get paid?

How do you appoint a successor trustee?

What percentage of an estate does a trustee get?

What do successor trustees get paid?

What is the average fee for a trustee?

Who appoints a successor trustee?

How does a trustee get compensated?

Does a successor trustee need an attorney?

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