How are Trustee Fees Paid from a Special Needs Trust?
Photo by Nicolas J Leclercq on Unsplash
Question:
How exactly does the trustee of a SNT get paid? Does any serving trustee have direct access to the trust account and withdraw funds to pay him or her self?
Response:
That’s right. Trustees of special needs trusts are paid the same way as trustees of other trustee. The trustee pays their own bill like any other bill. However, transparency is important. The trustee’s fee must be reported on the annual accounts the trustee provides to beneficiaries. While it may not be required by state law or the terms of the trust, it’s always a good idea to make sure that the terms of trustee compensation are agreed to by the grantor or the beneficiaries.
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