2011 Code of Virginia
Title 26 FIDUCIARIES GENERALLY.
Chapter 2 Inventories and Accounts (26-8 thru 26-37)
26-30 Expenses and commissions allowed fiduciaries
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 Chapter 10 ( 37.2-1000 et seq.) or Chapter 10.1 ( 37.2-1031 et seq.) of Title 37.2 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.
(Code 1919, 5425; 1985, c. 402; 1997, c. 921; 2005, c. 935; 2011, c. 518.)
