I’ve been named by my parents as their Personal Representative and successor Trustee. Can I get paid for this and also be reimbursed for my expenses?
Providing this type of assistance can be a lot of work, and it is often appropriate to be compensated. A personal representative’s right to be paid is specified by Statute, whereas the trustee’s right to be paid is authorized in the trust. Typically the amount you can receive is limited to what a professional fiduciary in your area would charge for similar services. On the other hand, reimbursement of expenses you incur is almost always appropriate. If you do choose to receive compensation for acting as a personal representative or trustee be aware that this is taxable income to you, unlike the reimbursement or expenses.