Sec. 1. 18-A MRSA §7-205, as enacted by PL 1979, c. 540, §1, is amended to read:

§7-205. Proceedings for review of employment of agents and

review of compensation of trustee and employees of

trust

On petition of an interested person, after notice to all interested persons, the court may review the propriety of employment of any person by a trustee including any attorney, auditor, investment advisor or other specialized agent or assistant, and the reasonableness of the compensation of any person so employed, and the reasonableness of the compensation determined by the trustee for his own the trustee's services. Any person who has received excessive compensation from a trust may be ordered to make appropriate refunds. The factors set forth in section 3-721, subsection (b) should be considered as guides in determining the reasonableness of fees under this section.

SUMMARY

The purpose of this bill is to amend a nonuniform section of the Probate Code so as to reflect current market practices. This bill removes language from the law governing the proceedings for reviewing trustees to return it to the version contained in the Uniform Probate Code.