A trust administrator can facilitate the transfer of trust assets through the trust administration process. Serving as a trust administrator can be a difficult job because there are multiple steps involved in the trust administration process and the administrator must ensure that he or she is in compliance with legal obligations at all times.
Those who administer a trust after a death are also in a position where they owe a fiduciary duty, which is the highest duty that can be owed, and they are expected to tackle many complex legal and financial issues. Trust administrators may need to help do everything from changing the titles and deeds on money and property to taking care of tax obligations with the IRS and the state of New York.
The Law Office of Michael Robinson, P.C. can provide representation to a trust administrator and can help facilitate the trust administration process so that the administration of the trust can go smoothly and so assets can be transferred to heirs or beneficiaries as quickly as possible. To find out more about how our firm can help with the trust administration process, join us for a free seminar. You can also give us a call at 585-374-5210 or contact us online today. You can also read on to get answers to your questions about the trust administration process including about how much a trust administrator earns.
How Much does a Trust Administrator Earn?
The amount that a trust administrator earns will vary depending upon the specifics of the situation. Under New York’s Surrogates Court and Procedure Act (SCPA), the law specifies the commissions that a trustee is entitled to receive. Trustees are able to receive annual commissions as well as commissions based on money that is paid out.
New York Consolidated Laws, Surrogate’s Court Procedure Act – SCP § 2309 specifies the specific commissions that are available to trustees under lifetime trusts or under trusts of people who pass away.
The amount of money the trustee is entitled to under the Surrogate’s Court Procedure Act is $10.50 for each $1,000 or major fraction of $1,000, up to the first $400,000 of principal. Trustees are then entitled to $4.50 per $1,000 or major fraction thereof on the next $600,000 in principal. Finally, trustees are entitled to $3.00 per $1,000 or major fraction thereof on all additional principal.
As the law makes clear, annual commissions are calculated based on how much the principal of the trust is worth at the end of the time period in which commissions are due or alternatively can be calculated based on the value of the principal of the trust at the beginning of the period when commissions are due, provided that certain specific requirements are fulfilled.
Getting Help from a Rochester Trust Administration Lawyer
A Rochester trust administration lawyer can provide representation to anyone who has been named as a trust administrator or trustee to help facilitate the transfer of trust assets after someone has passed away. We can also provide representation to anyone who has been vested with responsibility for managing a trust for someone who is incapacitated and who is not able to manage trust assets because of it.
To find out more about the ways in which our legal team can make the process of managing a trust easy, you should join us for a free seminar. You can also give us a call at 585-374-5210 or contact us online to get personalized one-on-one help with all of your trust issues.We assist with trust creation, trust administration, and more, so give us a call now to get help.
- Why Would I Use a Living Trust? - June 24, 2021
- Estate Planning Conference Discusses “For the 99.5% Act,” SECURE, and More - June 23, 2021
- Inconvenient Truths Make Incapacity Planning a Must - June 22, 2021