Joel Anderson
- Republican
Author
Existing law authorizes the beneficiaries of an irrevocable trust, upon the consent of all beneficiaries, to compel the modification or termination of the trust upon petition to the court. Existing law prohibits the modification or termination of an irrevocable trust if the continuance of the trust is necessary to carry out a material purpose of the trust, unless the court determines that modification or termination under the circumstances outweighs the interest in accomplishing a material purpose of the trust. Notwithstanding that provision, existing law prohibits the court from terminating a trust that is subject to a valid restraint on the transfer of a beneficiary's interest. This bill would revise and recast these provisions to delete the provision prohibiting a court from terminating an irrevocable trust that is subject to a valid restraint on the transfer of a beneficiary's interest and instead authorize the court to terminate a trust with this restraint if the court finds good cause to do so. The bill would specify that a court is authorized to limit the class of beneficiaries whose consent is necessary to modify or terminate a trust when the class is described as "heirs" or "next of kin." The bill would also make clarifying changes. Existing law authorizes the settlor and the beneficiaries of a trust, upon the consent of the settlor and all beneficiaries, to compel the modification or termination of the trust. This bill would revise and recast those provisions and instead authorize the trust to be modified or terminated by the written consent of the settlor and all beneficiaries without court approval of the modification or termination. The bill would also make clarifying changes.
Chaptered by Secretary of State. Chapter 61, Statutes of 2017.
Approved by the Governor.
Enrolled and presented to the Governor at 3:30 p.m.
Assembly amendments concurred in. (Ayes 37. Noes 0. Page 1679.) Ordered to engrossing and enrolling.
Read third time. Passed. (Ayes 74. Noes 0. Page 2259.) Ordered to the Senate.
In Senate. Concurrence in Assembly amendments pending.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 11. Noes 0.) (June 13).
From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 36. Noes 0. Page 768.) Ordered to the Assembly.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 6. Noes 0. Page 626.) (April 4).
Set for hearing April 4.
From printer. May be acted upon on or after March 16.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB333 | HTML |
| 02/13/17 - Introduced | |
| 06/07/17 - Amended Assembly | |
| 06/23/17 - Enrolled | |
| 07/10/17 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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