§ 708.
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/vt/708A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 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.)