Tom Harman
- Republican
Author
(1) Existing law regulates the administration of trusts by trustees on behalf of beneficiaries. Existing law provides that, if the principal of a trust does not exceed $20,000 in value, the trustee has the power to terminate the trust. This bill would provide, instead, that a trustee has the power to terminate a trust if the principal does not exceed $40,000 in value. (2) Existing law provides that the trustee shall provide the beneficiary, upon reasonable request, information about the assets, liabilities, receipts and disbursements of the trust, acts of the trustee, and the administration of the trust relevant to the beneficiary's interest. Existing law also allows the trust instrument to waive the report, as provided. This bill would instead provide that on reasonable request the trustee shall report to the beneficiary information relating to the administration of the trust, and on request of the beneficiary the trustee shall provide the terms of the trust, unless it is during the period when a revocable trust can be revoked, as provided, or if the beneficiary and the trustee are the same person. This bill would allow a beneficiary or trustee to petition the court to determine the existence of a trust if a trustee has failed to report the requested information within 60 days after written request. This bill would also require a court to compel the trustee to account, regardless of waiver by a beneficiary, upon a showing that it is reasonably likely that a material breach of the trust has occurred and would provide when a waiver is void as against public policy. The bill would permit the court, on its own motion, to set and give notice of an order to show cause why a trustee who is a professional fiduciary, as provided, should not be removed for failing to hold a valid, unexpired, unsuspended license. (3) Existing law requires, when a revocable trust or any portion of a revocable trust becomes irrevocable, as provided, the trustee to provide a copy of the trust to any beneficiary who requests it and to any heir of a deceased settlor who requests it. Existing law also requires a trustee to serve a notification, as provided, to specified persons including each beneficiary of an irrevocable trust, each heir of the deceased settlor, and to the Attorney General if the trust is a charitable trust. This bill would revise and recast these provisions to require the trustee to provide a true and complete copy of the terms of an irrevocable trust, or the irrevocable portion of the trust, to any beneficiary or heir of a deceased settlor who requests it, as provided, including when the power of appointment is effective or lapses upon the death of a settlor, except as provided, to any beneficiary whenever there is a change of trustee of an irrevocable trust, and if the trust is a charitable trust subject to the supervision of the Attorney General, to the Attorney General, as provided. This bill would also specify that the duty to serve the notification by the trustee is the duty of the continuing or successor trustee.
Approved by Governor.
Chaptered by Secretary of State. Chapter 621, Statutes of 2010.
Enrolled. To Governor at 4 p.m.
Senate concurs in Assembly amendments. (Ayes 34. Noes 0. Page 4948.) To enrollment.
To Special Consent Calendar.
Set for hearing August 23.
From committee: That the Assembly amendments be concurred in. (Ayes 4. Noes 0. Page 4806.)
Re-referred to Com. on RLS. pursuant to Senate Rule 29.10.
From committee: Be re-referred to Com. on JUD. (Ayes 4. Noes 0. Page 4565.) Re-referred to Com. on JUD.
In Senate. To unfinished business.
Read third time. Passed. (Ayes 74. Noes 0. Page 6234.) To Senate.
Read third time. Amended. (Page 6173.) To third reading.
From Consent Calendar to third reading.
Read second time. To Consent Calendar.
From committee: Do pass. To Consent Calendar. (Ayes 10. Noes 0.)
(Heard in committee on June 22.)
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on JUD.
(Heard in committee on May 28.)
From committee: Be re-referred to Com. on JUD. (Ayes 9. Noes 0.) Re-referred to Com. on JUD.
Read third time. Amended. (Page 5253.)
From inactive file to third reading file.
Notice of motion to remove from inactive file given by Assembly Member Ma.
Placed on inactive file on request of Assembly Member Krekorian.
Read second time. To third reading.
(Received by Desk on August 28 pursuant to Joint Rule 61(a)(11).)
(Heard in committee on August 27.)
From committee: Do pass. (Ayes 16. Noes 1.)
Set, first hearing. Referred to APPR. suspense file.
Read second time. Amended. Re-referred to Com. on APPR.
(Heard in committee on June 30.)
From committee: Do pass as amended, but first amend, and re-refer to Com. on APPR. (Ayes 10. Noes 0.)
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on B. & P.
To Com. on B. & P.
Read third time. Passed. (Ayes 33. Noes 0. Page 925.) To Assembly.
In Assembly. Read first time. Held at Desk.
Read second time. Amended. To third reading.
From committee: Do pass as amended. (Ayes 13. Noes 0. Page 848.)
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on APPR.
Set for hearing May 11.
From committee: Do pass, but first be re-referred to Com. on APPR. (Ayes 10. Noes 0. Page 675.) Re-referred to Com. on APPR.
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on B., P. & E.D.
Set for hearing April 27.
Set, first hearing. Testimony taken. Further hearing to be set.
Set for hearing April 20.
To Com. on B., P. & E.D.
From print. May be acted upon on or after March 26.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB202 | HTML |
| 02/23/09 - Introduced | |
| 04/22/09 - Amended Senate | |
| 05/05/09 - Amended Senate | |
| 05/14/09 - Amended Senate | |
| 06/15/09 - Amended Assembly | |
| 07/01/09 - Amended Assembly | |
| 05/20/10 - Amended Assembly | |
| 06/17/10 - Amended Assembly | |
| 08/12/10 - Amended Assembly | |
| 08/31/10 - Enrolled | |
| 09/30/10 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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