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Vermont Statutes Title 14 A. Trusts, § 708. Compensation of trustee

Current as of January 01, 2024 | Updated by FindLaw Staff

(a) 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.

(b) If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the Probate Division of the Superior Court may allow more or less compensation if:

(1) the duties of the trustee are substantially different from those contemplated when the trust was created; or

(2) the compensation specified by the terms of the trust would be unreasonably low or high.

(c)(1) Factors for the Probate Division of the Superior Court to consider in deciding upon a trustee's compensation shall include:

(A) the size of the trust;

(B) the nature and number of the assets;

(C) the results obtained;

(D) the time and responsibility required;

(E) the expertise required;

(F) any management or sale of real property or closely held business interests;

(G) any involvement in litigation to protect the trust property;

(H) the fee customarily charged in the locality for similar services;

(I) the experience, reputation, and ability of the person performing the services;

(J) the effect that the particular employment may have on the ability of the person employed to engage in other employment;

(K) the time limitations imposed by the trustee or by the circumstances; and

(L) other relevant factors.

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

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Cite this article: FindLaw.com - Vermont Statutes Title 14 A. Trusts, § 708. Compensation of trustee - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-14-a-trusts/vt-st-tit-14a-sect-708/

Read this complete Vermont Statutes Title 14 A. Trusts, § 708. Compensation of trustee on Westlaw

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