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What compensation is a Trustee in Florida entitled to receive?

| Dec 26, 2013 | Probate |

Trustee compensation in Florida is determined first by the terms of the Trust, then by what is reasonable under the circumstances.

In Florida, if the terms of a Trust do not specify the trustee’s compensation, a trustee is entitled to compensation that is reasonable under the circumstances. In many ways, the amount will depend on the type of trust administration which will be required. 

(2) If the terms of a Trust specify the trustee’s compensation, the trustee is entitled to be compensated as specified, but the probate court may allow more or less compensation if:

(a) The duties of the trustee are substantially different from those contemplated when the Trust was created; or

(b) The compensation specified by the terms of the Trust would be unreasonably low or high.

(3) If the trustee has rendered other services in connection with the administration of the Trust, the trustee shall also be allowed reasonable compensation for the other services rendered in addition to reasonable compensation as trustee.

If a party having an interest in the Trust, such as a beneficiary, contests the compensation, they must timely challenge the payment or their objection will be waived. Consulting with an experienced trust attorney is therefore advisable.

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