New York A08300 amends the computation and allocation of commissions for trustees of charitable trusts.

New York A08300 amends the Surrogate's Court Procedure Act to change how trustees of charitable trusts are compensated. Unless specified otherwise in the trust instrument, annual commissions are now payable one-third from the income and two-thirds from the principal of the trust. For certain trusts, commissions are payable from the corpus after accounting for annuity or unitrust amounts. Trustees of trusts exceeding $20 million in principal value can only take commissions up to 50% of the specified rate. The bill also repeals certain provisions related to trust commissions.

New York A08300 amends the computation and allocation of commissions for trustees of charitable trusts.

New York A08300 amends the Surrogate's Court Procedure Act to change how trustees of charitable trusts are compensated. Unless specified otherwise in the trust instrument, annual commissions are now payable one-third from the income and two-thirds from the principal of the trust. For certain trusts, commissions are payable from the corpus after accounting for annuity or unitrust amounts. Trustees of trusts exceeding $20 million in principal value can only take commissions up to 50% of the specified rate. The bill also repeals certain provisions related to trust commissions.