Are you currently serving as the trustee of a Florida trust? Florida probate litigators know that when a trust omits how much a trustee should be compensated Florida probate litigation may erupt. Check out this recent case where the Second District Court of Appeal awarded trustees $24 million dollars for their services.
Trustee Expenses Can Lead to Estate Litigation in Florida
- Writing a revocable or living trust with your Florida trust lawyer?
- How much are your trustees worth to look after your affairs when you are gone?
- Are you and a Florida probate lawyer drawing up the terms of your trust or will?
- Estate lawyers in Palm Beach and Boca Raton will tell you that a lot of thought should go into the selection of your trustee
- But beyond who your trustee is, or is going to be, do you put as much attention into how much your trustees will be paid?
- Make sure you discuss with the Florida estate lawyer how much the trustee gets paid.
- Failure to do so could lead to estate litigation in Florida, do you see why?
- People like to fight about money, and often it spills into Florida probate court.
- Florida estate attorneys need to address this factor when you are drafting or writing your trust.
- If they do not, it may end up being addressed by a different Florida probate attorney except this time it will be the trustees.
- How much are they going to demand as payment?
- It really depends on what Florida estate attorney they hire to represent them.
- Experienced Florida probate lawyers know that a good trustee could be worth millions.
- Check out this recent dispute involving a Florida probate appeal from the Second District Court of Appeal where an artist’s foundation and his trust’s trustee got into a heated lawsuit.
Rauschenberg Foundation v. Grutman et. al.
- This was an appeal from the trial court’s determination that trustees were entitled tomillions of dollars.
- That is right, millions.
- One side claimed that the trustee was worth over $50 Million !
- Guess what the other side claimed the services were worth?
- Only $375,000!
- That is a big difference!
- So who did the Court think was right?
- The Court awarded $24 million ($24,000,000.00)!
- Does that sound like a lot to you?
- Keep in mind a good trustee is valuable.
- Here the trustees turned a $605 million trust into over $2.1 billion!
- Would you say that was worth $50 million?
- The truth is that this not just about numbers it is about methodology.
- Florida estate lawyers know how to pose these arguments to the Court to get the maximum amount allowed under law.
- Do you?
- Do you think the fees were fair?
- Before you make up your mind, read the opinion.
Want to learn more about this multi million dollar decision?
Check out a free copy of the case by clicking here.
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