Article on Fiduciary Compensation in Georgia
Kimberly E. Civins & Melissa Sprinkle recently published an Article entitled, Fiduciary Compensation in Georgia, Wealth Strategies Journal (2018). Provided below is an abstract of the Article:
Historically, trustees and executors served without any compensation.1 In recognition of the fact that technological advancements have increased the complexity of dealing with assets in a trust or estate, modern legislation allows fiduciaries to collect commissions for their service. The character of fiduciary compensation varies from state to state, and this article deals specifically with Georgia’s payment regime, which awards fees based on the value of the trust or estate. There are certainly advantages to using this type of system; however, there are various shortcomings, some of which are unique to an asset-based compensation system, while others mirror those found in states with different types of compensation rules.