Washington Code 30B.24.010 – Fee determination
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(1) The compensation arrangement between a client and a trustee or any other fiduciary pursuant to this title shall be at arm’s length and any compensation pursuant to such arrangement shall be a reasonable amount with respect to the services rendered.
Terms Used In Washington Code 30B.24.010
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Client: means a person to whom a trust institution owes a duty or obligation under a trust or other account administered by the trust institution or as an advisor or agent, regardless of whether the trust institution owes a fiduciary duty to the person. See Washington Code 30B.04.005
- Fiduciary: A trustee, executor, or administrator.
- Trustee: A person or institution holding and administering property in trust.
(2) This section does not apply to arrangements not involving trust or client assets.
[ 2014 c 37 § 364.]