HB2846: Fiduciaries; expenses and commissions allowed reviewed by commissioners.
Be it enacted by the General Assembly of Virginia:
1. That § 26-30 of the Code of Virginia is amended and reenacted as follows:
§ 26-30. Expenses and commissions allowed fiduciaries.
The commissioner, in stating and settling the account, shall
allow the fiduciary any reasonable expenses incurred by him as such; and also,
except in cases in which it is otherwise provided, a reasonable compensation,
in the form of a commission on receipts, or otherwise. Unless otherwise
provided by the court, any guardian appointed pursuant to Chapter 10 (§
37.2-1000 et seq.) of Title 37.2 shall also be allowed reasonable compensation
for his services. If a committee or other fiduciary renders services with
regard to real estate owned by the ward or beneficiary, compensation may also
be allowed for the services rendered with regard to the real estate and the
income therefrom or the value thereof. Notwithstanding the foregoing provisions
or any provision under Chapter 31 (§ 55-541.01 et seq.) of Title 55, where the
compensation of an institutional fiduciary is specified under the terms of the
trust or will by reference to a standard published fee schedule, the
commissioner shall not reduce the compensation below the amount specified,
unless there is sufficient proof that i) the settler or testator was not
competent when the trust instrument or will was executed or ii) such
compensation is excessive in light of the compensation institutional fiduciaries
generally receive in similar situationsa will or trust
specifies the compensation of a fiduciary, whether (i) a fixed amount or
percentage, (ii) by reference to a fee schedule, or (iii) in any other manner, the compensation so determined shall be presumed to be reasonable and it shall
not be altered by the commissioner unless a fiduciary or person interested in the estate or trust produces
evidence that it is unreasonable.