A. Each trustee has his/her own fee schedule. As a general rule the fee is approximately 1% of the asset value annually.
Q. How many trusts can you serve as trustee without being licensed?
A. An individual can serve as trustee for as many as three trusts in California without being licensed.
Q. What if you find out that you have been named as a trustee without being asked?
A. There is no requirement that you serve as trustee. The trust document will provide for the procedure to resign as trustee.
Q. Can you be sued as a trustee, even if it is for your family?
A. Trustees are often sued, and often by family members. Everyone wants to second guess the trustee’s decisions, especially when family is involved and it is perceived to involve a conflict of interest. Talk to your insurance agent about getting insurance for serving in the trustee role. Or better yet, hire a professional trustee.