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Money · 6 мин чтения
The instrument's provision first, else the statute's commissions
N.J.S.A. 3B:18-2 provides that, on the settlement of a nontestamentary trustee's account, the court allows the compensation the trust instrument agrees and, absent an express provision, commissions in accordance with chapter 18 of Title 3B. A will's specific provision for compensation is full payment unless the fiduciary renounces it in writing (N.J.S.A. 3B:18-3), and a trustee under a will takes no more than the chapter's rates unless the will acknowledges them and expressly authorizes more (N.J.S.A. 3B:18-31). "Fiduciary" in the trustee's article means a trustee under a will, a nontestamentary trustee or a guardian (N.J.S.A. 3B:18-23).
Income, corpus and termination commissions
Income commissions: 6% of income received by the fiduciary, without court allowance (N.J.S.A. 3B:18-24). Annual corpus commissions, without court allowance: $5 per thousand on the first $400,000 of the corpus value and $3 per thousand above it, on the presumptive value — the value when the asset was received (N.J.S.A. 3B:18-18) — or the value at the end of the period, with a minimum of $100; a banking institution's as may be reasonable; the court reviewing on application but never allowing less than the statutory amounts (N.J.S.A. 3B:18-25). Where two or more fiduciaries serve, the commissions are one fiduciary's plus one fifth for each additional fiduciary, no fiduciary taking more than a sole fiduciary would (N.J.S.A. 3B:18-25.1). Years in which no annual commission was taken are not waived (N.J.S.A. 3B:18-26), and the commissions are reviewed on the accountings (N.J.S.A. 3B:18-27). On termination of the trust or a distribution of corpus, the fiduciary takes the untaken annual amounts plus a commission on the corpus distributed of 2% where it was held five years or less, 1.5% between five and ten years, and 1% where it was held more than ten years (N.J.S.A. 3B:18-28); the court may allow additional commissions for unusual or extraordinary services (N.J.S.A. 3B:18-29).
The statement, the attorney-fiduciary, forfeiture and expenses
A trustee under a will furnishes, within sixty days after the end of each tax year, a statement of any corpus commissions taken during the year and the basis of their computation to each beneficiary currently receiving income and to any other beneficiary or person interested in the principal who demands it (N.J.S.A. 3B:18-7). An attorney who serves as fiduciary and performs professional services is allowed a counsel fee in addition to commissions (N.J.S.A. 3B:18-6); a fiduciary who is removed may forfeit commissions (N.J.S.A. 3B:18-5). A trustee is reimbursed, in addition to the compensation allowed by N.J.S.A. 3B:18-2 et seq., for expenses properly incurred in the administration of the trust, and an advance for the trust's protection gives rise to a lien (N.J.S.A. 3B:31-53). A trustee's report states the source and amount of the trustee's compensation (N.J.S.A. 3B:31-67(c)), and among the remedies for a breach of trust the court may reduce or deny compensation (N.J.S.A. 3B:31-71). The duty of loyalty does not preclude the payment of reasonable compensation to the trustee, if fair to the beneficiaries (N.J.S.A. 3B:31-55(g)). Whether a particular commission is within the schedule, and how a value is fixed, are questions for a licensed New Jersey attorney of your choosing; TrusteeClear shows the schedule as the statute states it and never a figure.
Законы, дословно
Commissions of nontestamentary trustee
N.J.S.A. 3B:18-2 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Income commissions
N.J.S.A. 3B:18-24 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Fiduciaries may take annual commissions on corpus
N.J.S.A. 3B:18-25 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Corpus commissions on termination of trust, guardianship or upon distribution of assets
N.J.S.A. 3B:18-28 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Частые вопросы
Does New Jersey have a statutory trustee fee schedule?
Yes. Absent an express provision in the instrument, a trustee takes commissions in accordance with chapter 18 of Title 3B (N.J.S.A. 3B:18-2): income commissions of 6% (N.J.S.A. 3B:18-24), annual corpus commissions of $5 per thousand on the first $400,000 and $3 per thousand above, with a $100 minimum (N.J.S.A. 3B:18-25), and a termination commission of 2%, 1.5% or 1% by the years the corpus was held (N.J.S.A. 3B:18-28).
Can a beneficiary challenge a New Jersey trustee's commissions?
The commissions are reviewed on the accountings (N.J.S.A. 3B:18-27), and on application the court reviews the annual corpus commissions, though it allows no less than the statutory amounts (N.J.S.A. 3B:18-25); among the remedies for a breach of trust, the court may reduce or deny compensation (N.J.S.A. 3B:31-71). A trustee under a will furnishes an annual statement of the corpus commissions taken (N.J.S.A. 3B:18-7).
Does the instrument's fee clause control?
The court allows the compensation the trust instrument agrees; the statute's commissions apply absent an express provision (N.J.S.A. 3B:18-2). A will's specific provision is full payment unless renounced in writing (N.J.S.A. 3B:18-3), and a trustee under a will takes no more than the statute's rates unless the will acknowledges them and expressly authorizes more (N.J.S.A. 3B:18-31).
По теме
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