Bill > A07800

This bill amends the Surrogate's Court Procedure Act to modify the computation and allocation of commissions for trustees of charitable trusts. The key changes include: (1) limiting the annual commissions that trustees can retain from the trust's income to 80% of the standard rates, with further reductions to 50% for portions of the trust exceeding $20 million in principal value; (2) prohibiting trustees from taking commissions for paying out principal; and (3) specifying that accumulated income that is not added to the trust's principal shall be treated as a separate trust for commission purposes. The bill applies to all existing trusts, but provides a transition period allowing trustees to continue under the prior law until the end of the year this act takes effect.