Successor Trustee Fee Sample Clauses

The Successor Trustee Fee clause defines the compensation that a successor trustee is entitled to receive for administering a trust after the original trustee can no longer serve. This clause typically outlines how the fee is calculated—such as a fixed amount, a percentage of the trust assets, or based on time spent—and may specify when and how the fee is to be paid. Its core function is to ensure that a successor trustee is fairly compensated for their responsibilities, thereby encouraging qualified individuals or institutions to accept the role and providing clarity to beneficiaries about trust administration costs.