Listed the commissions for annual compensation, and for additional income thereafter.
The guardian's income commissions will be paid from/chargeable against income and includes a portion of income payable to the trustee but withheld by the payor.
Commissions also payable at the end of each year on the fair value of the corpus or principal held in the guardianship estate at end of year, per each $250k and on excess.
If the guardian estate terminates, the commission for the year will be reduced or prorated according to the part of the year elapsed and the then value of the corpus.
Guardian may petition the court for an increase in fees after giving notice to parties.
Legal and court costs incurred by the guardian will be charged against fees of the guardian and will not be assumed by the guardianship estate or the interested parties.
If trust terms do not specify compensation, a reasonable amount will be determined.
Courts may also adjust trustee compensation based on specific duties of the trustee.
Legislative History
On Jan. 8, 2025, bill introduced in House; on Feb. 20, 2025, bill was passed in House.
On Feb. 21, 2025, bill delivered to Senate; on Apr. 2, 2025, bill was passed in Senate.
On Apr. 22, 2025, bill was approved by the governor and became Chapter 224, 223.
