California Probate Code 19516 – (a) If a first trust instrument specifies an authorized …
(a) If a first trust instrument specifies an authorized fiduciary‘s compensation, the fiduciary may not exercise the decanting power to increase the fiduciary’s compensation above the specified compensation unless either of the following occurs:
(1) All qualified beneficiaries of the second trust consent to the increase in a signed writing.
Terms Used In California Probate Code 19516
- Fiduciary: means personal representative, trustee, guardian, conservator, attorney-in-fact under a power of attorney, custodian under the California Uniform Transfer To Minors Act (Part 9 (commencing with Section 3900) of Division 4), or other legal representative subject to this code. See California Probate Code 39
- Fiduciary: A trustee, executor, or administrator.
- 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
(2) The increase is approved by the court.
(b) If a first trust instrument does not specify an authorized fiduciary’s compensation, the fiduciary may not exercise the decanting power to increase the fiduciary’s compensation above the compensation permitted by this code unless either of the following occurs:
(1) All qualified beneficiaries of the second trust consent to the increase in a signed writing.
(2) The increase is approved by the court.
(c) (1) A change in an authorized fiduciary’s compensation which is incidental to other changes made by the exercise of the decanting power is not an increase in the fiduciary’s compensation for purposes of subdivisions (a) and (b).
(2) For purposes of this subdivision, an incidental change to an authorized fiduciary’s compensation includes, but is not limited to, an increase in the compensation of the authorized fiduciary for either of the following reasons:
(A) The second trust lasts longer than the first trust.
(B) The second trust has a greater value than the first trust.
(Added by Stats. 2018, Ch. 407, Sec. 1. (SB 909) Effective January 1, 2019.)