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Professional Trustee Services

Choosing an estate administrator and trustee is often the most important decision in preparing an estate plan. For some, a responsible child is a logical choice. For others, it is not that easy. Regardless of whether your children are able and willing to accept the responsibility of administering your estate, there are many reasons to consider appointing a professional.

The downside, upfront. The primary downside of appointing a professional to serve as trustee is the cost. In many cases, a family member serving as trustee chooses to receive no compensation and those who do receive compensation usually set it at a relatively low rate. On the other hand, many professionals charge between $150 to $350 per hour (or $50 to $150 per hour for their employees). Professionals also frequently require an “acceptance fee” to offset the potential for liability, which can be anywhere from $5,000 to $20,000 or more depending on the complexity of the case. However, the acceptance fee is typically not collected until after the trust goes into administration. In other words, for a standard revocable living trust, the payment is not expected until after your death or incapacity, at which time the funds from your estate can be used to cover the costs of the professional services.

The upside, broken down. While a professional trustee may not be a good fit for everyone, for some it is well worth the cost. Let’s take a look at a list of reasons why hiring a professional trustee to manage your estate might be worth considering:

1. Impartiality.  A professional is less likely to be biased or unfair in their decision making and in resolving disputes. Naming a professional trustee also avoids the appearance of the parents favoring one child over others.
2. Disinterested party.  Family member trustees are often beneficiaries also, which can affect their judgment in administering the estate. A professional trustee has no stake in the estate.
3. Expertise. A professional trustee that is experienced in estate planning and estate administration will be familiar with the legal requirements and practical solutions to administer the estate in a way that avoids problems.
4. Resources.  A professional trustee often has many relevant resources available to effectively manage the estate and solve problems.
5. Availability.  A professional trustee will not be juggling the administration with a full-time job, school, or raising a family. Administering the estate is a professional trustee’s job and they are getting paid to prioritize it.

Hadfield Law Firm offers professional trustee services to residents of Utah County and Salt Lake County. The rates charged are typically between $75 and $250 per hour in addition to a one-time acceptance fee, which may vary depending on the complexity of the work and the size of the estate, among other factors. The initial consultation to answer questions about professional trustee services and provide a quote is free of charge.

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This publication is for informational purposes only and does not constitute legal, financial, or tax advice.  The contents should not be relied upon without consulting a professional.
 
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Review:
" My husband and I went in to meet Matt after being recommended by another attorney. We went in not knowing much about estate planning. He taught us so much, he’s..." read more
- Bailie
 
Review:
"Professional in every way!..." read more
- Marc Payne
 
Review:
"I worked with Matt in 2015 to help me understand and administer my father’s trust. I needed reliable and honest expertise in Arizona since I reside in a neighboring state...." read more
- Tamora
 
Review:
"Creating a Living Trust is a difficult task and can be very challenging. I had the pleasure of working with Matt who not only took the time to explain everything,..." read more
- Tanya
 
Hadfield Law Firm, PLLC 5 out of 5 based on 4 ratings.
Hadfield Law Firm | Preserving your legacy - Building your trust | Lehi, UT
5 out of 5 stars My husband and I went in to meet Matt after being recommended by another attorney. We went in not knowing much about estate planning. He taught us so much, he’s very patient and caring and willing to answer endless questions and to explain things we knew nothing about. Our experience with Matt made us feel prepared and reassured that he will continue to be there for us when we need help. We also felt our purchase was a great deal and he offered different payment options. And again he could have tried to upsell us and get us to spend more money for “important” reasons and never tried that once. I would absolutely hire Matt again and I’m so grateful we met him and got to achieve our goals with an honest and helpful person.
Hadfield Law Firm | Preserving your legacy - Building your trust | Lehi, UT
5 out of 5 stars Professional in every way!
Hadfield Law Firm | Preserving your legacy - Building your trust | Lehi, UT
5 out of 5 stars I worked with Matt in 2015 to help me understand and administer my father’s trust. I needed reliable and honest expertise in Arizona since I reside in a neighboring state. Matt’s experience and guidance was instrumental in helping me understand and execute the trust. He assisted me every step of the way, explaining and re-explaining (when necessary), administering paperwork, and providing references to contractors and service providers so that I could complete tasks quickly. I am grateful for his counsel during my time of need. I would fully recommend Matt and his team for anyone needing estate or trust assistance.
Hadfield Law Firm | Preserving your legacy - Building your trust | Lehi, UT
5 out of 5 stars Creating a Living Trust is a difficult task and can be very challenging. I had the pleasure of working with Matt who not only took the time to explain everything, but also explained various options in an effort to accomplish what I needed. He is a great communicator, explains things well, and listens to your needs. He's very professional with a warm personality, maintains his commitments and is very knowledgeable in his field. His honesty and desire to assist provided me comfort and made me feel very satisfied with the overall outcome. I highly recommend Matt for any estate planning you might be considering. His qualifications and performance are truly excellent.