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CA AB1683
Bill
Status
7/9/2012
Primary Sponsor
Curt Hagman
Click for details
AI Summary
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Allows revocation of a trust by any person holding a power of revocation (not just the settlor) through writing signed and delivered to the trustee during their lifetime.
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Permits a settlor to grant another person, including a spouse, the power to revoke all or part of the settlor's trust contribution, regardless of whether it is separate or community property and whether the power is exercisable during the settlor's lifetime or after death.
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Establishes a priority order for trust property disposal when revoked by the settlor: first by settlor direction, second by trust instrument terms, third to the settlor or settlor's estate if neither direction exists.
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Establishes a separate priority order for trust property disposal when revoked by a non-settlor power holder: first by trust instrument terms, second by direction of the person exercising the power, third to that person or their estate if neither direction exists.
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Clarifies that the trust instrument can designate its revocation method as exclusive, preventing revocation by alternative means.
Legislative Description
Revocable trusts.
Last Action
Chaptered by Secretary of State - Chapter 55, Statutes of 2012.
7/9/2012