Re: my parents Revocable Trust, I am "Successor Trustees". Mother was the last to pass on, in Nov, 2007. I collected all of their cash assets when she died & opened a Trust Checking Acct w/EIN to operate from. Everything that was sold, including their house was deposited into this account & all assets were distributed to the beneficiaries in increments as things sold with the exception of a plot of raw land which all beneficiaries were in agreement of selling off this year. I understand that I do not need their approval in order to sell the parcel, however I agreed to it when I was approached by them as it is the last asset in the Trust. It sold last week, so now my process (& correct me if I am wrong) will be to 1)Close escrow on the sale next week 2)Deposit the funds into the Trust checking account 3) See a Tax Preparer to do Final Tax Return/s for the Trust 4)Distribute the funds to the beneficiaries 5)CLOSE out the Trust Checking Acct after everything clears the bank. I've never taken a % or pay for all these years of work. The Trust reads "The Successor Trustee(s) shall be reimbursed for all reasonable expenses incurred in the management and protection of the Trust".
I'd want to review the trust for additional language. Unless otherwise instructed by the trust, under Arizona law a trustee may charge a "reasonable" fee for his / her work. Typically that is an hourly fee. With that comes an obligation to keep track of (and show to beneficiaries) all time spent administering the trust. Making a claim after 9 years of not doing so may ruffle feathers: sending out a notice of "proposed distribution and trustee fees" with documentation of time spent and an acceptance form for each beneficiary to return to you would be a smart move.
The general advice above does not constitute an attorney-client relationship: you haven't hired me or given me confidential information by posting on this public forum, and my answer on this public forum does not constitute attorney-client advice.
Trustee compensation controlled by terms of trust and AZ law.
Based on cited language, you are entitled to reasonable compensation based on several factors:
-type and amount of work you performed;
-benefit you conferred on trust;
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