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CA AB2426

Bill

Official Source

Status

Passed

7/9/2018

Primary Sponsor

Brian Maienschein

Click for details

Origin

State Assembly

2017-2018 Session

AI Summary

  • Amends Probate Code Section 15408 to increase the trust principal threshold for trustee termination authority from $40,000 to $50,000 in value
  • Authorizes a trustee to unilaterally terminate a trust if the principal does not exceed $50,000, without requiring court petition
  • Maintains existing court authority to terminate, modify, or appoint new trustees for trusts with principals that have become too low relative to administration costs
  • Does not affect restrictions on beneficiary interest transfers when applying trust termination provisions
  • Approved by Governor and filed July 9, 2018

Legislative Description

Trustee: power to terminate trust.

Last Action

Chaptered by Secretary of State - Chapter 78, Statutes of 2018.

7/9/2018

Committee Referrals

Judiciary4/19/2018
Rules4/9/2018
Judiciary3/5/2018

Full Bill Text

No bill text available