2022 California Probate Code 11465 - (a) The court may order that a Please check official sources. 16010. 319, Sec. California has some very specific guidelines regarding probate accountancy. The trustee has a duty to keep the beneficiaries of the trust reasonably informed of the trust and its administration. California Estate Planning: Fiduciary Duties and - Lorman We are our clients warriors, fighting to bring them justice and ultimately right the wrongs they have endured. A trustee's standard of care and performance in administering the trust is not affected by whether or not the trustee receives any compensation. (g)The notification by trustee shall contain the following information: (1)The identity of the settlor or settlors of the trust and the date of execution of the trust instrument. Except as provided in (d), unless the court otherwise orders for good cause shown, trust instruments for trusts funded by court order must: (1) Not contain "no-contest" provisions; (2) Prohibit modification or revocation without court approval; (3) Clearly identify the trustee and any other person with authority to direct the trustee to make disbursements; (4) Prohibit investments by the trustee other than those permitted under Probate Code section 2574; (5) Require persons identified in (3) to post bond in the amount required under Probate Code section 2320 et seq. (d)The trustee need not provide a copy of the notification by trustee to any beneficiary or heir (1) known to the trustee but who cannot be located by the trustee after reasonable diligence or (2) unknown to the trustee. He also advises clients on real property matters and Prop 13 property tax planning. The trustee has a duty to do the following: (8685) (a) To keep the trust property separate from other property not subject to the trust. (8737), 16060.5. The basics of probate accounting in California | LegalZoom / I Cal. Prob. Code 16060 - Casetext This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages. (8768), 16061.8. In addition, "terms of the trust" includes, but is not limited to, signatures, amendments, disclaimers, and any directions or instructions to the trustee that affect the disposition of the trust. (8789), 16068. Regardless of a waiver of accounting by a beneficiary, upon a showing that is reasonably likely that a material breach of the trust has occurred, the court may compel the trustee to account. 2017, Ch. (8773), (b) A trustee of a living trust created by an instrument executed before July 1, 1987, is not subject to the duty to account provided by subdivision (a). Introduction: By continuing to use this site, you are providing us your consent to our use of cookies on the site. (3) "Court supervision under the Probate Code" under (b) means and refers to the court's authority to require prior court approval or subsequent confirmation of the actions of the trustee as for the actions of a guardian or conservator of the estate under division 4 of the Probate Code (Prob.