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The Practical Guide to Trustee Fees

Wealth Protection & Family Structures

A plain-English manual for understanding how trustees charge, what “good” looks like, and when to push back

If you have ever opened a trustee invoice and felt your stomach drop, you are not alone. Trustee work is often complex, cross-border, and compliance-heavy, but that does not excuse vague pricing, surprise add-ons, or charges that do not match what you were told at the outset.

Transparency is not a “nice to have”. It is the foundation of trust.

At Odin Fiduciaries we publish our pricing openly because we believe clients deserve clarity, control, and confidence. You should never feel awkward asking “what is this fee for?” or “where is this in the terms?” You are paying for a professional service, and you are entitled to understand it.

1) How trustees typically charge, in real life

Most trustee fee structures fall into a few predictable categories. The problem is not the categories, it is when they are not explained properly, or they are used as a hiding place.

Here is the practical map:

A. Annual responsibility fees (the “role” fee)

This is the fee for carrying the legal responsibility, oversight, and governance duties of acting as trustee. It is often billed annually, and commonly in advance.

At Odin, we show this separately. For example, acting as a Corporate Trustee has an annual responsibility fee and we publish that figure clearly.

What to look for:

  • Is it stated clearly in your engagement letter or terms?
  • Is it billed in advance, and is it refundable if you leave mid-year?
  • Does it change depending on complexity, asset types, or risk rating?

At Odin, we state that annual responsibility fees are payable annually in advance and that they are not repayable if services are terminated early. That may be completely reasonable, but it should never be a surprise, and it should be in writing.

B. Time-based day-to-day administration (the “work done” fee)

This is where many clients get caught out because it can feel open-ended, unless it is managed with clear communication.

A typical model is:

  • charged on an hourly basis,
  • with a minimum time charge (for example, 15 minutes per activity),
  • with published charge-out rate ranges.

What to look for:

  • Is there a minimum time unit?
  • Are the hourly rate bands explained, and who does what work?
  • Are higher rates agreed in advance, particularly for urgent matters?

Odin’s published approach states that higher charge-out rates, where applicable, would be agreed in advance. That is the sort of sentence you want to see from any provider, not buried, and not implied.

C. Disbursements and third-party costs (the “at cost” bucket)

These can be completely legitimate, but they are also one of the easiest places for “hidden” charges to live, especially if the invoice uses vague wording like “expenses”.

A transparent provider should tell you what is recharged at cost, and why. Odin’s pricing explains that expenses, professional fees, and government filing fees may be recharged at cost.

What to look for:

  • Are disbursements itemised?
  • Are third-party invoices available if you ask?
  • Are you paying a “handling fee” on top?

D. Onboarding and take-on fees (the “getting set up” cost)

Trustee onboarding can involve KYC, risk assessments, structuring review, and setting up systems properly.

If there is a take-on fee, it should be visible, and it should be explained as a minimum, or scoped. Odin publishes a “New Client take-on fee” starting from a stated minimum.

What to look for:

  • What is included in onboarding?
  • What would increase the fee, and why?
  • Does the onboarding fee overlap with time charges?

E. FATCA and CRS reporting (the “compliance submission” cost)

This is a common point of confusion, and it is where people often pay twice without realising.

A transparent breakdown should make clear:

  • what portion is the disbursement for submission,
  • what portion is time to prepare the report.

Odin explicitly explains that the FATCA and CRS compliance fee is a disbursement for submission and that preparation time is charged separately.

What to look for:

  • Are you being charged both a submission fee and preparation time?
  • Are you being charged for FATCA/CRS when no report was required?
  • Is the work aligned to your structure and your reporting obligations?

F. Annual compliance reviews and client file reviews

Most regulated providers must periodically refresh KYC, risk ratings, and client files. That is normal, but the charging should be clear.

Odin states that an Annual Compliance Review is charged on a time basis.

What to look for:

  • How often does it happen, and what triggers it?
  • What do you receive as evidence, or what does “review” actually mean?
  • Are you being charged repeatedly for the same information requests?

2) Exit fees, transfer fees, and “you can’t leave without paying” traps

If you take nothing else away from this guide, take this:

You should understand your exit fees before you ever need to exit.

Transfers, document scanning, storage, retrieval, and handover work can all be legitimate, but they must be disclosed.

Odin’s published schedule sets out termination and transfer-related charges, including storage, retrieval, scanning, and minimum transfer fees.

What to look for:

  • Is there a minimum transfer fee?
  • Are you charged to retrieve and copy your own file?
  • Do they charge for ongoing storage after termination?
  • Are the fees proportionate, and are they clearly stated?

3) The invoice alignment test: “Does this match what I agreed?”

This is the simplest and strongest client protection move you can make.

Do this every time:

  1. Pull your engagement letter or terms and conditions.
  2. Highlight the fee categories, time charging, disbursements, and exit fees.
  3. Match each invoice line to a clause, a schedule, or a written scope.
  4. If you cannot match it, query it, calmly and clearly.

You are not being difficult. You are being responsible.

4) What “good” looks like (and why we publish our fees)

A good trustee provider will:

  • publish a rate card, or fee schedule, that is easy to access,
  • explain what is included and what is not,
  • warn you before work that could materially increase cost,
  • itemise invoices in a way a normal human can follow,
  • be comfortable answering questions without defensiveness.

This is why Odin keeps pricing open and why we invite comparison. Start with our published price list, and use it as your benchmark for the questions you should be asking your current provider.

Call to action

If you feel uneasy about your trustee fees, trust that feeling. Ask the questions. Request the breakdown. Check the alignment. Do not put up with surprise charging.

If you want to talk it through, or you would like a second pair of eyes on how a fee structure should be presented, speak to Robert Owen at rowen@odinfiduciaries.com.