Vermont Statutes Title 14 Sec. 708
Terms Used In Vermont Statutes Title 14 Sec. 708
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- Probate: Proving a will
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
§ 708. Compensation of trustee
(a) If the terms of a trust do not specify the trustee’s compensation, a trustee is entitled to compensation that is reasonable under the circumstances.
(b) If the terms of a trust specify the trustee’s compensation, the trustee is entitled to be compensated as specified, but the Probate Division of the Superior Court may allow more or less compensation if:
(1) the duties of the trustee are substantially different from those contemplated when the trust was created; or
(2) the compensation specified by the terms of the trust would be unreasonably low or high.
(c)(1) Factors for the Probate Division of the Superior Court to consider in deciding upon a trustee’s compensation shall include:
(A) the size of the trust;
(B) the nature and number of the assets;
(C) the results obtained;
(D) the time and responsibility required;
(E) the expertise required;
(F) any management or sale of real property or closely held business interests;
(G) any involvement in litigation to protect the trust property;
(H) the fee customarily charged in the locality for similar services;
(I) the experience, reputation, and ability of the person performing the services;
(J) the effect that the particular employment may have on the ability of the person employed to engage in other employment;
(K) the time limitations imposed by the trustee or by the circumstances; and
(L) other relevant factors.
(2) The order of the factors in this subsection does not imply their relative importance. (Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj. Sess.), § 236, eff. February 1, 2011.)