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Computation Of Trustees Compensation 13-CTR - Ohio
| Computation Of Trustees Compensation Form. This is a Ohio form and can be used in Trust Probate Lucas County (Court Of Common Pleas) . |
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PROBATE COURT OF LUCAS COUNTY, OHIO JUDGE JACK R. PUFFENBERGER Trust OF ______________________________________________________________________, CASE NO. _________________________ COMPUTATION OF TRUSTEE'S COMPENSATION [LOCAL RULE 74.1] (A) Except where the instrument creating the trust makes provision for compensation, a trustee who is accountable to the court, may charge annually for ordinary services performed by the trustee in connection with the administration of each separate trust estate. 1) An amount to be computed on the fair market value of the principal of the trust property, in accordance with the following schedule, such compensation to be charged one-half to income and one-half to principal, unless the beneficiary or beneficiaries have the power to invade the corpus in which case all compensation shall be paid out of income unless otherwise provided in the instrument creating the trust. $8.50 per $1,000.00 on the first $200,000.00 of the fair market value of the principal; $7.50 per $1,000.00 on the next $800,000.00 of the fair market value of the principal; $5.00 per $1,000.00 on the next $1,000,000.00 of the fair market value of the principal; $______________ $______________ $______________ $2.50 per $1,000.00 on any amount over $2,000,000.00 of the fair market value of the principal; $______________ 2) The trustee may charge a minimum fee of $1,000.00 annually. $______________ 3) A separate fee, based upon time expended, may be charged for the preparation and filing of fiduciary income tax returns. This fee may not exceed $500.00 except for just cause shown. $______________ (B) For the purpose of computing the trustee's compensation as herein provided, the fair market value of the principal of the trust property shall be determined by the trustee as of a date, determined by the trustee, such date to commence during the calendar quarter of the original receipt of trust property and each anniversary date thereafter. (At the option of the trustee, fee evaluations may be made on a quarterly basis, each evaluation to be coordinated with the original annual evaluation date as selected by the trustee, if this option is selected by the trustee, the trustee must continue to compute such trustee's fee on the quarterly valuation basis, unless upon application to the Probate Court, a change in fee valuation method is allowed.) (C) Additional compensation for extraordinary services may be allowed upon application. The Court may require that the application be set for hearing and notice thereof be given to interested parties in accordance with Civil Rule 73(E). The notice shall contain a statement of amount of the compensation sought. $______________ (D) The compensation of co-trustees in the aggregate shall not exceed the compensation, which would have been payable if only one trustee had been acting, except in the following instances: $______________ 1) Where the instrument under which the co-trustees are acting provided otherwise; or 2) Where all the interested parties have consented in writing to the amount of the co-trustees' compensation, and the consent is endorsed on the co-trustees' account or evidenced by separate instrument filed therewith. TOTAL TRUSTEE'S COMPENSATION $______________ American LegalNet, Inc. www.USCourtForms.com LUCAS COUNTY PROBATE COURT FORM 13-CTR COMPUTATION OF TRUSTEE'S COMPENSATION REV 04/25/06
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