AMENDMENT(S) PROPOSED BY THE SENATE

COURTS OF JUSTICE

1. Line 4, introduced, Title, after 26-5.2,

strike

26-48

insert

26-30

COURTS OF JUSTICE

2. Line 15, introduced, after 26-5.2,

strike

26-48

insert

26-30

COURTS OF JUSTICE

3. Line 42, introduced

strike

all of lines 42 through 63

insert

§ 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 Article 1.1 (§ 37.1-134.6 et seq.) of Chapter 4 of Title 37.1 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 situations.

COURTS OF JUSTICE

4. Line 77, introduced

strike

all of line 77

COURTS OF JUSTICE

5. Line 274, introduced, after express

insert

inter vivos

COURTS OF JUSTICE

6. Line 276, introduced, after trust.

insert

This chapter also applies to testamentary trusts, except to the extent that specific provision is made for them in Title 26 or elsewhere in the Code of Virginia, or to the extent it is clearly inapplicable to them.  Section 55-548.13, which provides the duties of a trustee to inform and report to the trust’s beneficiaries, shall apply to testamentary trusts.  For purposes of this subsection A, the word “trust” and the words “trustee” or “fiduciary,” as used in Title 26, shall be deemed to refer to testamentary trusts and testamentary trustees, except to the extent that the use of such words is clearly inapplicable to testamentary trusts and testamentary trustees.

COURTS OF JUSTICE

7. Line 385, introduced, after terms of

strike

a

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an inter vivos

COURTS OF JUSTICE

8. Line 390, introduced, after trustee

insert

of an inter vivos trust

COURTS OF JUSTICE

9. Line 413, introduced, after line 412

insert

F.  The court, for good cause shown, may transfer the principal place of administration of a testamentary trust to another state or to a jurisdiction outside of the United States upon such conditions, if any, as it may deem appropriate.