Robert M. Hertzberg
- Democratic
Author
Existing law regulates trust administration and generally requires a trustee to administer the trust according to the trust instrument. Under existing law, a trustee may exercise specified powers without court authorization, including the power to acquire or dispose of property. Existing law authorizes the beneficiaries of an irrevocable trust to compel modification of the trust upon petition to the court, if all beneficiaries of the trust consent. This bill would enact the Uniform Trust Decanting Act, under which a fiduciary of an irrevocable trust may distribute the property of a first trust to one or more 2nd trusts or modify the terms of the first trust without the consent of the beneficiaries or approval of the court, subject to certain exceptions. The bill would require specified persons, including qualified beneficiaries and, if the trust contains a determinable charitable interest, the Attorney General, to be provided notice of the intended exercise of the decanting power, and would authorize the court, on application by specified persons, to, among other things, approve an exercise of the decanting power. Among other provisions, the bill would require a fiduciary exercising the decanting power to act in accordance with its fiduciary duties and in accordance with the purposes of the first trust. The bill would also specify that the decanting power does not apply to a trust held solely for charitable purposes.
Chaptered by Secretary of State. Chapter 407, Statutes of 2018.
Approved by the Governor.
Enrolled and presented to the Governor at 3:30 p.m.
Assembly amendments concurred in. (Ayes 39. Noes 0. Page 5564.) Ordered to engrossing and enrolling.
Read third time. Passed. (Ayes 76. Noes 0. Page 6310.) 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 17. Noes 0.) (August 8).
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 9. Noes 0.) (June 12).
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 36. Noes 0. Page 4879.) Ordered to the Assembly.
Read second time. Ordered to consent calendar.
From committee: Be ordered to second reading pursuant to Senate Rule 28.8 and ordered to consent calendar.
Set for hearing April 23.
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 7. Noes 0. Page 4625.) (April 10). Re-referred to Com. on APPR.
Set for hearing April 10.
From printer. May be acted upon on or after February 18.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB909 | HTML |
| 01/18/18 - Introduced | |
| 06/13/18 - Amended Assembly | |
| 08/23/18 - Enrolled | |
| 09/14/18 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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