Joel Schoenmeyer offers some exceptionally practical and useful advice for executors, administrators or trustees concerning compensation. He notes that many family members initially volunteer to serve as fiduciaries but wind up frustrated: “I wasn’t planning to pay myself, but my parent/siblings have been so annoying and I’ve put in so much work that I want to get paid!”

So what should you charge? That depends. You’ll want to read his post on the Death and Taxes blog to get the details. But I particularly like this piece of wisdom:

[K]eep records of what [you] do, just like attorneys should. Be able to tell the beneficiaries what you did, and how long it took you. Presentation and detail are important — people are more willing to consent to a $10,000 bill if you point out, in detail, what you did, and the benefit to the estate or trust.

Welcome, visitor!

If you find my posts interesting, I invite you to sign up, at the top of the column to the right, to receive emails whenever I publish a new article.

Be assured I hate spam as much as anyone, I will hold your information in strictest confidence, and, of course, I always include a means for unsubscribing whenever you want.

Thanks for visiting!

Sincerely,

John Holzmann

Related posts

• Hiring a legacy planning professional (0)

(No Ratings Yet)

 Loading ...

 |  Email This Post  |  Print This Post  |  Subscribe to It!
This entry was posted on Tuesday, April 15th, 2008 at 10:02 am and is filed under settling an estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.