NY A08300

Trustees of charitable trusts will receive annual commissions at 80% of the standard rates specified in the Surrogate's Court Procedure Act, rather than the previous flat 6% of income collected annually

For charitable trust portions exceeding $20 million in principal value, trustee commissions are further limited to 50% of the specified rate

Trustees of charitable trusts are prohibited from receiving any commission for paying out principal

Annual commissions for trusts governed by EPTL section 11-2.4 must be paid from the trust corpus after allowing for annuity or unitrust amounts, not from those distributions

Takes effect 60 days after becoming law, with trustees of existing trusts permitted to elect to continue under prior commission rules through December 31 of the year the act takes effect