New Hampshire Revised Statutes 564:21 – Compensation for Trustees of Non-Charitable Trusts
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I. A trustee of a non-charitable trust shall be allowed reasonable expenses incurred in the execution of the trust; and unless otherwise expressly provided in the trust instrument, such trustee shall have such reasonable compensation for services as the judge may allow.
II. In the case of any corporate or professional trustee of a non-charitable trust, the probate court recognizes a rebuttable presumption that reasonable compensation for the trustee’s services shall be defined by that institution’s or professional’s published inter vivos fee schedule or fee agreement, in effect at the time services are rendered. Corporate or professional trustees shall submit an affidavit to the probate court reciting their inter vivos fee schedule or fee agreement, in effect at the time services were rendered; a statement that the charges for the services rendered in this account are in accordance with the charges in that fee schedule or fee agreement; and a certification that the beneficiaries were notified of that fee schedule or fee agreement. Preparation of any trustee account or appearance at probate court, by a corporate or professional trustee, if required, shall not ordinarily be an additional charge.
III. Unless otherwise expressly provided in the trust instrument, such compensation and expenses shall be apportioned between income and principal as the trustee shall determine to be equitable, and shall be reviewed by the probate court.
II. In the case of any corporate or professional trustee of a non-charitable trust, the probate court recognizes a rebuttable presumption that reasonable compensation for the trustee’s services shall be defined by that institution’s or professional’s published inter vivos fee schedule or fee agreement, in effect at the time services are rendered. Corporate or professional trustees shall submit an affidavit to the probate court reciting their inter vivos fee schedule or fee agreement, in effect at the time services were rendered; a statement that the charges for the services rendered in this account are in accordance with the charges in that fee schedule or fee agreement; and a certification that the beneficiaries were notified of that fee schedule or fee agreement. Preparation of any trustee account or appearance at probate court, by a corporate or professional trustee, if required, shall not ordinarily be an additional charge.
Terms Used In New Hampshire Revised Statutes 564:21
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Inter vivos: Transfer of property from one living person to another living person.
- Probate: Proving a will
- Trustee: A person or institution holding and administering property in trust.
III. Unless otherwise expressly provided in the trust instrument, such compensation and expenses shall be apportioned between income and principal as the trustee shall determine to be equitable, and shall be reviewed by the probate court.