(a) Trustees shall be compensated in accordance with either the trust instrument or any separate written agreement between the trustee and the settlor. After the settlor's death or incapacity or while the trust is irrevocable, the trust instrument or the agreement relating to such trustee's compensation may be modified as follows:

(1) All qualified beneficiaries may by unanimous consent modify the trust instrument or agreement relating to the trustee's compensation without receiving the approval of any court; and

(2) By petition pursuant to Code Section 53-12-61.

(b) If there is no provision for trustee compensation in the trust instrument and there is no separate written agreement between the trustee and the settlor relating to such trustee's compensation, a separate written agreement relating to such trustee's compensation may be entered into between such trustee and the qualified beneficiaries as follows:

(1) All qualified beneficiaries may by unanimous consent enter into an agreement relating to such trustee's compensation without receiving the approval of any court; or

(2) Any qualified beneficiary may petition the court to approve an agreement relating to such trustee's compensation. Such petition shall be served upon all qualified beneficiaries.

(c) In cases other than those described in subsections (a) and (b) of this Code section, the trustee shall be entitled to compensation as follows:

(1) With respect to a corporate trustee, its published fee schedule, provided such fees are reasonable under the circumstances; and

(2) With respect to an individual trustee:

(A) One percent of cash and the fair market value of any other principal asset received upon the initial funding of the trust and at such time as additional principal assets are received; and

(B) An annual fee calculated in accordance with the following schedule based upon the cash and the market value of the other principal assets valued as of the last day of the trust accounting year prorated based on the length of service by such trustee during that year:

If the cash and market value of the

other principal assets are: Annual fee:

$500,000.00 or less......................1.75 percent of the cash and market

value of the other principal assets.

More than $500,000.00 but

less than $1 million...............$8,750.00 plus 1.25 percent of the excess

over $500,000.00.

More than $1 million but

less than $2 million.....................$15,000.00 plus 1.00 percent of the

excess over $1 million.

More than $2 million but

less than $5 million.....................$25,000.00 plus 0.85 percent of the

excess over $2 million.

More than $5 million.....................$50,500.00 plus 0.50 percent of the

excess over $5 million.