§ 64.2-779.13 Change in compensation
A. If a first-trust instrument specifies an authorized fiduciary’s compensation, the fiduciary may not exercise the decanting power to increase the fiduciary’s compensation above the specified compensation unless:
1. All qualified beneficiaries of the second trust consent to the increase in a signed record; or
B. If a first-trust instrument does not specify an authorized fiduciary’s compensation, the fiduciary may not exercise the decanting power to increase the fiduciary’s compensation above the compensation permitted by this chapter unless:
1. All qualified beneficiaries of the second trust consent to the increase in a signed record; or
C. A change in an authorized fiduciary’s compensation that is incidental to other changes made by the exercise of the decanting power is not an increase in the fiduciary’s compensation for purposes of subsections A and B.
History
This law was first created in 2017. The record of its establishment is cataloged in chapter 592 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.
2017, c. 592.