New Hampshire Revised Statutes 564:21-a – Compensation for Trustees of Charitable Trusts
Current as of: 2023 | Check for updates
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Terms Used In New Hampshire Revised Statutes 564:21-a
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- governing body: shall mean the board of selectmen in a town, the board of aldermen or council in a city or town with a town council, the school board in a school district or the village district commissioners in a village district, or when used to refer to unincorporated towns or unorganized places, or both, the county commissioners. See New Hampshire Revised Statutes 21:48
- Trustee: A person or institution holding and administering property in trust.
A trustee of a charitable trust shall be allowed reasonable expenses incurred in the execution of the trust; and unless otherwise expressly provided in the trust instrument, the trustee shall have such reasonable compensation for services as the judge may allow. Such compensation and expenses shall be payable as provided in the trust instrument, or in the absence of such direction, shall be payable out of income. Such compensation may also be payable out of principal, or both income and principal, if approved annually in writing by a duly authorized representative of the governing body of the charitable beneficiary or beneficiaries. Any such compensation and fee schedules shall be subject to approval of the court.