Thursday morning, April 9th

Yesterday the House Commerce Committee finished its work on S. 86, the trust code, when it recommended passage with a vote of 11-0. This bill has moved with unusual speed through the legislative process due in large part to the expert witnesses, Paul Hanlon and Mark Langan, who guided the committees through a complete understanding of the complexities of the code. I expect the bill to make a brief stop in House Ways and Means to review Section 30, the fees portion of the bill. Since Section 2 of the bill vests the probate court with jurisdiction over inter-vivos trusts (to accompany its jurisdiction over testamentary trusts) a fee schedule had to be written for the new filings. Here is that schedule from Sec. 30 of the bill:

§ 1434. PROBATE COURTS
(a) The following entry fees shall be paid to the probate court for the
benefit of the state, except for subdivision (17) of this subsection which shall
be for the benefit of the county in which the fee was collected:
* * *
(9) Testamentary trusts of $20,000.00 $50.00 150.00
or less For all trust petitions, other than
those described in subdivision (11) of this subsection,
where the corpus of the trust at the time the petition
is filed is $100,000.00 or less, including petitions to
modify or terminate a trust, to remove or substitute a
trustee or trustees, or seeking remedies for breach of trust
(10) Testamentary trusts of more than $20,000.00
For all trust petitions, other than those
described in subdivision (11) of this subsection,
where the corpus of the trust is more than
$100,000.00, including petitions to modify or
terminate a trust, to remove or substitute a
trustee or trustees, or seeking remedies for
breach of trust $100.00 $250.00
(11) Annual accounts on testamentary $30.00
trusts of more than $20,000.00
* * *
(21) Petitions for the removal of a $50.00
trustee pursuant to 14 V.S.A. § 2314(c) of trusts
of $20,000.00 or less
(22)Petitions for removal of a $100.00
trustee pursuant to 14 V.S.A. § 2314(c) of trusts
more than $20,000.00
(23) Petitions concerning advance $75.00
- 1226 -
directives pursuant to 18 V.S.A. § 9718

I’m heading up to a hearing in House Appropriations involving the judiciary. Interestingly, the schedule reads “Additional FY10 Base Budget Reductions”. A few days ago, I wrote that the judiciary’s budget was reduced by $550,000 and not the 1 million the governor recommended. It looks like the House is giving this a second look, even though the budget has passed the house and is now in the hands of the senate. Everyone expects that, come April 15th, state revenues will be lower than expected and hoped. All branches, departments, etc. will no doubt be revisited to look for additional savings. I’ll get back to you later today on the result of this morning’s conversation between Bob Greemore and the committee.