California Probate Code 16052 – (a) A trustee may delegate investment and management functions …
(a) A trustee may delegate investment and management functions as prudent under the circumstances. The trustee shall exercise prudence in the following:
(1) Selecting an agent.
Terms Used In California Probate Code 16052
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See California Probate Code 74
- 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
(2) Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust.
(3) Periodically reviewing the agent’s overall performance and compliance with the terms of the delegation.
(b) In performing a delegated function, an agent has a duty to exercise reasonable care to comply with the terms of the delegation.
(c) Except as otherwise provided in Section 16401, a trustee who complies with the requirements of subdivision (a) is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.
(d) By accepting the delegation of a trust function from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state.
(Added by Stats. 1995, Ch. 63, Sec. 6. Effective January 1, 1996.)