Just and reasonable remuneration

Unless the terms of a trust provide otherwise trustees act gratuitously. See section 37 of the Trusts Act 2019.

Importantly, where the terms of a trust do not provide for payment to trustees, the Court can order payment of remuneration pursuant to section pursuant to section 139 of the Trusts Act, which provides as follows:

As noted in Gamble v Schepens the ultimate touchstone is whether remuneration would be just and reasonable.

Relevantly, it is necessary to consider the tasks that will confront a trustee.

Further as set out at [56] to [59]:

Taking this into account the Court was satisfied that reasonable remuneration would reflect “usual rates” charged by professional trustees by reference to their professional charge out rates.

References:

• Gamble v Schepens [2023] NZHC 3191
• Re Otago Museum Trust Board [2023] NZHC 1427
• Trusts Act 2019, section 139