STAND. COM. REP. NO. 2505

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 2878

       S.D. 1

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

 

Madam:

 

     Your Committee on Judiciary and Government Operations, to which was referred S.B. No. 2878 entitled:

 

"A BILL FOR AN ACT RELATING TO TRUSTEES,"

 

begs leave to report as follows:

 

     The purpose of this measure is to authorize trustees of revocable living trusts to base their compensation on the compensation levels allowed for trustees of estates. 

 

     Testimony in support of this measure was submitted by one individual.  Testimony in opposition to this measure was submitted by one individual.  Written testimony presented to the Committee may be reviewed on the Legislature's website.

 

     Your Committee finds that revocable living trusts are important instruments that allow people to ensure that their wishes are honored after they pass away.  Your Committee also finds that trustees of those trusts are essential in facilitating the decedent's requests, and if these instruments contain provisions to compensate trustees, an objective mechanism by which to determine fair compensation should be established.  Accordingly, your Committee believes that aligning the compensation formula for revocable living trusts trustees with that of estate trustees is appropriate.

 

     Your Committee has made technical, nonsubstantive stylistic changes for the purposes of clarity and consistency.

 

     As affirmed by the record of votes of the members of your Committee on Judiciary and Government Operations that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2878, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2878, S.D. 1, and be placed on the calendar for Third Reading.

 

Respectfully submitted on behalf of the members of the Committee on Judiciary and Government Operations,

 

 

 

____________________________

BRIAN T. TANIGUCHI, Chair