Bill > S06499

This bill amends the Surrogate's Court Procedure Act to change the computation and allocation of commissions for trustees of charitable trusts. The key provisions are: 1) Trustees of charitable trusts can only take annual commissions up to 80% of the standard commission rates, and for any portion of the trust exceeding $20 million in principal value, the trustee can only take commissions up to 50% of the standard rate. 2) Trustees of charitable trusts are not entitled to any commission for paying out principal. 3) The annual commissions for charitable trusts are to be paid one-third from income and two-thirds from principal, with some exceptions. 4) The bill applies to all charitable trusts in existence on or after the effective date, but trustees of existing trusts can elect to continue under the prior law until the end of the year the bill takes effect.