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North Carolina General Statutes Chapter 36C. North Carolina Uniform Trust Code § 36C-8B-16. Change in compensation

Current as of January 01, 2023 | Updated by Findlaw Staff

(a) If a first trust specifies an authorized fiduciary's compensation, the fiduciary shall not exercise the decanting power to increase the fiduciary's compensation above the specified compensation unless either of the following conditions is satisfied:

(1) All qualified beneficiaries of the second trust consent to the increase in a signed written instrument.

(2) The increase is approved by the clerk of superior court pursuant to G.S. 36C-2-203(a)(3).

(b) For the purposes of this section, a change in an authorized fiduciary's compensation which is incidental to other changes made by the exercise of the decanting power shall not be deemed an increase in the fiduciary's compensation.

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Cite this article: FindLaw.com - North Carolina General Statutes Chapter 36C. North Carolina Uniform Trust Code § 36C-8B-16. Change in compensation - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-36c-north-carolina-uniform-trust-code/nc-gen-st-sect-36c-8b-16/

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