California Probate Code 15687 – (a) Notwithstanding any provision of a trust to the contrary, a …
(a) Notwithstanding any provision of a trust to the contrary, a trustee who is an attorney may receive only (1) the trustee‘s compensation provided in the trust or otherwise provided in this article or (2) compensation for legal services performed for the trustee, unless the trustee obtains approval for the right to dual compensation as provided in subdivision (d).
(b) No parent, child, sibling, or spouse of a person who is a trustee, and no law partnership or corporation whose partner, shareholder, or employee is serving as a trustee shall receive any compensation for legal services performed for the trustee unless the trustee waives trustee compensation or unless the trustee obtains approval for the right to dual compensation as provided in subdivision (d).
Terms Used In California Probate Code 15687
- Child: means any individual entitled to take as a child under this code by intestate succession from the parent whose relationship is involved. See California Probate Code 26
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Parent: means any individual entitled to take as a parent under this code by intestate succession from the child whose relationship is involved. See California Probate Code 54
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual, corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership, limited liability company, association, or other entity. See California Probate Code 56
- Spouse: includes domestic partner, as defined in Section 37 of this code, as required by §. See California Probate Code 72
- Trust: includes the following:
California Probate Code 82
- Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See California Probate Code 84
- Trustee: A person or institution holding and administering property in trust.
(c) This section shall not apply if the trustee is related by blood or marriage to, or is a cohabitant with, the settlor.
(d) After full disclosure of the nature of the compensation and relationship of the trustee to all persons receiving compensation under this section, the trustee may obtain approval for dual compensation by either of the following:
(1) An order pursuant to paragraph (21) of subdivision (b) of Section 17200.
(2) Giving 30 days’ advance written notice to the persons entitled to notice under Section 17203. Within that 30-day period, any person entitled to notice may object to the proposed action by written notice to the trustee or by filing a petition pursuant to paragraph (21) of subdivision (b) of Section 17200. If the trustee receives this objection during that 30-day period and if the trustee wishes dual compensation, the trustee shall file a petition for approval pursuant to paragraph (21) of subdivision (b) of Section 17200.
(e) Any waiver of the requirements of this section is against public policy and shall be void.
(f) This section applies to services rendered on or after January 1, 1994.
(Amended by Stats. 1995, Ch. 730, Sec. 10. Effective January 1, 1996.)