California Probate Code 16046 – (a) Except as provided in subdivision (b), a trustee who invests …
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(a) Except as provided in subdivision (b), a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule.
(b) The settlor may expand or restrict the prudent investor rule by express provisions in the trust instrument. A trustee is not liable to a beneficiary for the trustee’s good faith reliance on these express provisions.
Terms Used In California Probate Code 16046
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Instrument: means a will, a document establishing or modifying a trust, a deed, or any other writing that designates a beneficiary or makes a donative transfer of property. See California Probate Code 45
- Trust: includes the following:
California Probate Code 82
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See California Probate Code 84
(Added by Stats. 1995, Ch. 63, Sec. 6. Effective January 1, 1996.)