James Lestikow Authors Article Examining Reasonable Compensation Fees for Illinois Trustees
James M. Lestikow, a partner in the Springfield, Illinois office of Hinshaw & Culbertson LLP, authored the article "Trustee’s Fees: What Is “Reasonable' Compensation?" published by Trust & Estates, a newsletter of the Illinois State Bar Association (ISBA) Section Council on Trusts & Estates.
As Mr. Lestikow explains in the article, "The Illinois Trusts and Trustees Act says precious little regarding compensation of trustees. It merely states that trustees are entitled to 'reasonable compensation for services rendered.' Focusing on the issue of trustees’ fees for administering the trust, Mr. Lestikow examines the reasonable compensation standard for administrative services. He cautions that, "[a]ttention to detail and care in drafting a trustee compensation provision in a trust instrument and negotiating a trustee’s fee with the named trustee or trustees, encourages thoughtful and efficient administration by the trustee and minimizes disputes over compensation by the beneficiaries."
Read the full article, "Trustee’s Fees: What Is “Reasonable' Compensation?"
Mr. Lestikow focuses his practice in the areas of: estate planning, administration, litigation and asset protection; corporate and business law; and commercial real estate. He is a longtime member, and past chair, of the ISBA's Section Council on Trusts & Estates.