Minimum Fees Explained: Trust Administration

I am looking forward to working with you as Trustee. In order to work with you efficiently and effectively, I want to explain how we bill for our services. Each Trust Administration has a minimum fee. This fee is designed to cover the predictable part of the process: opening a trust administration file; required notices to trust beneficiaries and state and local agencies; an accounting of trust assets; and our assistance with your distribution of the assets, either to sub-trusts or to ultimate beneficiaries.

In addition to this minimum fee, there are certain services that we will bill you for on an hourly basis. We will let you know before you incur any additional fees for such services so that you won’t be caught by surprise.

What the Minimum Fee includes:

  • Initial Trust Administration Meeting of up to 1.5 hours.
  • Preparation of required notices to trust beneficiaries and state and local agencies (including but not limited to Affidavit Death of Trustee; PCOR; Death of Real Property Owner; Lodging Will; Notice to Franchise Tax Board and DHS)
  • Preparation of Certification of Trust for Administrative Trust
  • Obtaining a Federal Tax ID number for the Administrative trust.
  • Preparation of spreadsheet showing date of death value of all trust assets.
  • Preparation of receipts upon distribution or Allocation Memo for Sub-trust funding.
  • Trust administration process meetings of up to 1 hour/month.

What is not included in the Minimum Fee: (these are examples of fees, not an all-inclusive list)

  • $1,000 per property other than a primary residence.
  • Affidavit Change of Trustee & PCOR
  • Court Petitions, starting at $5,000 depending upon complexity.
  • $500 for Small Estates Affidavits.
  • Hourly charges for any discussions with related third parties: (accountants, financial advisors, etc.) and review of LLC Agreements, irrevocable trusts, or any other document related to trust administration not drafted by this office.
  • Hourly charges for the administration of additional trusts in a decedent’s plan (CRT’s)
  • Hourly charges for accounting issues related to special assets such as a privately owned business or collectibles.
  • Hourly charges for communications with beneficiaries other than initial notice.
  • Obtaining a Federal Tax ID number for beneficiary trust to receive distribution of funds.
  • Preparation of Certification of Trust for beneficiary trust.
  • Preparing a beneficiary trust binder.
  • Third party fees incurred such as courier fees, recording fees, certified copy fees.

Hourly rates: $450/Liza W. Hanks; $200/Susie Granata