CA SB1158

Allows all beneficiaries of an irrevocable trust to petition the court for modification or termination by written consent without requiring court approval of the modification itself.

Requires courts to consider whether a trust is subject to a valid restraint on a beneficiary's interest when determining if termination would defeat a material purpose of the trust, and permits courts to terminate such trusts if circumstances warrant it.

Enables trusts to be modified or terminated by written consent of the settlor and all beneficiaries without court approval.

Permits courts to limit required beneficiary consent to those reasonably likely to take under the trust when the trust describes beneficiaries as "heirs" or "next of kin" using intestacy rules.

Allows partial termination of a trust upon petition when non-consenting beneficiaries' interests are not substantially impaired, with settlor consent.