Just A Minute - Podcast Episode 46: Trustees Statutory Compensation

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[00:11] Welcome to a new episode of just a minute by Landmark law. Today's episode is presented to you by Yufei to help educate our listeners on various legal scenarios.

[00:21] BELL CHIME

[00:24] Today's episode will be on trustees statutory compensation.

[00:30] Executors and trustees are entitled to compensation for their labor in the administration of Estates as per section 61 one of the Ontario trustees Act.

[00:39] In the will the testator may also specify the amount or provision for no compensation at all. If the will does not specify the compensation or amount you may consult the Ontario's trustee act for guidance.

[00:53] The following tariff is typically applied by the courts and will not be altered unless in certain situations. These situations include

[01:02] 2.5% to 3% of capital receipts, 2.5% to 3% of capital dispersements, 2.5% to 3% of income receipts, 2.5% to 3% of income disbursements, and for ongoing trusts 2/5 of 1% or 3/5 of 1% of the average annual market value of the trust assets as the fee for ongoing care and management and 5% to 6% of income generated by trust.

[01:29] Please call or visit our website at landmarklaw.ca for any help on your real estate, estate, and corporate legal matters.