15 Guam Code Ann. § 3311
Terms Used In 15 Guam Code Ann. § 3311
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Probate: Proving a will
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
SOURCE: Probate Code of Guam (1970), § 1121.
§ 3313. Compensation of Testamentary Trustee; Apportionment
Among Trustees.
If the will contains provisions for a testamentary trustee’s compensation, such trustee shall be entitled to be compensated in accordance therewith. Upon proper showing, the Superior Court may in
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the decree of distribution or thereafter fix or allow greater compensation than could be allowed under the provisions of the will
(a) where the duties of the trustee are substantially greater than those contemplated by the testator at the time of the execution of the will, or
(b) where the compensation in accordance with the provisions in the will would be inequitable or unreasonably low, or
(c) in other extraordinary circumstances calling for equitable relief.
If the will does not specify a trustee’s compensation, the trustee shall be entitled to such compensation as may be reasonable under the circum- stances and the Superior Court may, in the decree of distribution or thereafter, determine such reasonable compensation and, in its discretion, fix or allow a periodic compensation for the trustee or trustees, to continue as long as the Superior Court may deem proper. Unless the will provides or the trustees agree otherwise, if there are two or more trustees, the compensation shall be apportioned among the trustees according to the services rendered by them respectively. On settlement of each account the Superior Court shall allow the testamentary trustee his proper expenses and compensation for services as provided herein.
SOURCE: California Probate Code, § 1122 (as amended).