32-53. Definitions. The following definitions apply in this Article: (1) Legal disability. – A person under a legal disability is a person who is a minor, incompetent, or unborn individual, or whose identity or location is unknown. (2) Qualified beneficiary. – As defined in G.S. 36C-1-103(15). With respect to a charitable trust defined in G.S. […]
32-54. Compensation of trustees. (a) If the terms of the trust do not specify the trustee’s compensation, the trustee is entitled to receive from the assets of the trust compensation that is reasonable under the circumstances. (b) All of the following factors shall be considered in determining reasonableness of compensation: (1) The degree of difficulty […]
32-55. Notice. (a) If the terms of the trust do not specify the trustee’s compensation, the trustee may, in the trustee’s discretion, give written notice to all qualified beneficiaries of each proposed payment of compensation if the annual amount of compensation exceeds four-tenths of one percent (4/10 of 1%) of the principal value of the […]
32-56. Payment of compensation without court order. The trustee is authorized to pay the compensation provided for in G.S. 32-54 without prior approval of the clerk of superior court only if: (1) The annual amount of compensation does not exceed four-tenths of one percent (4/10 of 1%) of the principal value of the assets of […]
32-57. Judicial review; payment of compensation and other payments with court order. (a) If the terms of the trust do not specify the trustee’s compensation, the trustee or any qualified beneficiary, or representative of a qualified beneficiary, may initiate a proceeding under Article 2 of Chapter 36C of the General Statutes for review of the […]
32-58. Reimbursement for expenses incurred. In addition to the compensation referred to in G.S. 32-54, the trustee shall be entitled to reimbursement out of the assets of the trust for expenses properly incurred or advanced in the administration of the trust and shall be empowered to pay the expenses from the assets of the trust […]
32-59. Compensation of other fiduciaries. Unless otherwise provided by the General Statutes or by the instrument creating the fiduciary relationship, fiduciaries other than trustees under a trust shall be entitled, upon written request to the clerk of superior court, to reasonable compensation in an amount to be determined by the clerk after taking into consideration […]
32-60. Effect of provisions in instrument. In those instances where the instrument creating the trust or other fiduciary relationship provides that the compensation of the fiduciary shall be the amount "provided by law", the "maximum amount provided by law", or other similar language, or references former G.S. 32-50, this language shall be construed as an […]
32-61. Counsel fees allowable to attorneys serving as fiduciaries. The clerk of superior court may exercise discretion to allow counsel fees to an attorney serving as a fiduciary or trustee (in addition to the compensation allowed to the attorney as a fiduciary or trustee) where the attorney, on behalf of the trust or fiduciary relationship, […]
32-62. Applicability. Regardless of when the trust or fiduciary relationship is created, the provisions of this Article shall apply to all payments made to a fiduciary after January 1, 2005, including payments for compensation earned prior to January 1, 2005. (2004-139, s. 2.)
