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Maine Revised Statutes Title 18-B. Trusts § 708. Compensation of trustee

Current as of January 01, 2025 | Updated by Findlaw Staff

1. Reasonable. 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. A percentage fee is allowable under this section only if the fee is reasonable. Among the factors a court may consider as guides in determining the reasonableness of fees under this section are the following:

A. The time and labor required, the novelty and difficulty of the questions involved and the skill requisite to perform the service properly;

B. The likelihood, if apparent to the trustee, that the acceptance of the particular employment will preclude the person employed from other employment;

C. The fee customarily charged in the locality for similar services;

D. The amounts involved and the results obtained;

E. The time limitations imposed by the trustee or by the circumstances; and

F. The experience, reputation and ability of the person performing the services.

The order of the factors in this subsection does not imply their relative importance.

2. Terms of trust. If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if:

A. The duties of the trustees 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. Review; refunds if excessive. On petition of a qualified beneficiary, after notice to all qualified beneficiaries, the court may review the reasonableness of the compensation determined by the trustee for the trustee's services. A trustee who has received excessive compensation from a trust may be ordered to make appropriate refunds.

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Cite this article: FindLaw.com - Maine Revised Statutes Title 18-B. Trusts § 708. Compensation of trustee - last updated January 01, 2025 | https://codes.findlaw.com/me/title-18-b-trusts/me-rev-st-tit-18-b-sect-708/

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