California Probate Code 16464 – (a) Except as provided in subdivision (b), a beneficiary may be …
(a) Except as provided in subdivision (b), a beneficiary may be precluded from holding the trustee liable for a breach of trust by the beneficiary‘s release or contract effective to discharge the trustee‘s liability to the beneficiary for that breach.
(b) A release or contract is not effective to discharge the trustee’s liability for a breach of trust in any of the following circumstances:
Terms Used In California Probate Code 16464
- Beneficiary: means a person to whom a donative transfer of property is made or that person's successor in interest, and:
California Probate Code 24
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Trust: includes the following:
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- 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.
(1) Where the beneficiary was under an incapacity at the time of making the release or contract.
(2) Where the beneficiary did not know of his or her rights and of the material facts (A) that the trustee knew or reasonably should have known and (B) that the trustee did not reasonably believe that the beneficiary knew.
(3) Where the release or contract of the beneficiary was induced by improper conduct of the trustee.
(4) Where the transaction involved a bargain with the trustee that was not fair and reasonable.
(Enacted by Stats. 1990, Ch. 79.)