New Jersey Statutes 3B:20-11.8. Incurrence of costs by fiduciary
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Terms Used In New Jersey Statutes 3B:20-11.8
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiduciary: means an individual or corporation that is authorized to act as or acts as a trustee, personal representative, conservator, guardian, and every other individual or corporation charged with the duty of administering a trust estate. See New Jersey Statutes 3B:20-1
- Fiduciary: A trustee, executor, or administrator.
- trust assets: means money or other property entrusted to a fiduciary. See New Jersey Statutes 3B:20-1
8. In investing and managing trust assets, a fiduciary may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the fiduciary. A fiduciary who delegates investment and management functions pursuant to section 10 of P.L.1997, c.26 (C. 3B:20-11.10) shall control the overall costs of the delegation, including making a reduction in the amount of corpus commissions otherwise allowable to the fiduciary with respect to the trust assets for which investment responsibility has been delegated, which reduction shall take account of the duties and responsibilities retained by the fiduciary with respect to such assets.
L.1997,c.26,s.8.