By understanding your rights and a trustees duties in California, you can protect yourself from self-dealing, mismanagement, and negligence. (last accessed May 15, 2018). (8684), 16009. The courts have held that the duty to provide information is separate from any duty to provide an accounting. Code, 3100; Fam. The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this chapter: "investments permissible by law for investment of trust funds," "legal investments," "authorized investments," "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital," "prudent man rule," "prudent trustee rule," "prudent person rule," and "prudent investor rule." (last accessed May 15, 2018). (8768), 16061.8. What a one Probate Code section 16061.7 trust notice? (8805), (2) Any testamentary trust created under a will executed on or after January 1, 1997. (8808), (g) For purposes of this section, the term "party in interest" means any of the following persons: (8809), (1) If the trust is revocable and the settlor is incapacitated, the settlor's legal representative under applicable law, or the settlor's attorney-in-fact under a durable power of attorney that is sufficient to grant the authority required under subdivision (c) or (e), as applicable. California Probate Code 16061.7 (2021) - Justia Law Email us today: hello@rmolawyers.com. (f)The notification by trustee shall be served not later than 60 days following the occurrence of the event requiring service of the notification by trustee, or 60 days after the trustee became aware of the existence of a person entitled to receive notification by trustee, if that person was not known to the trustee on the occurrence of the event requiring service of the notification. seeking confirmation or guidance regarding the question as to whether the proposed investment policy is correct and does not violate the trustee's duty to . (substituted judgment); section 3100 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. (8825), (b) Section 16102 does not apply with respect to any of the following: (8826), (1) Any amounts payable under the terms of such trust to income beneficiaries, unless a deduction was allowed under Section 170(f)(2) (B), 2055(e)(2)(B), or 2522(c)(2)(B) of the Internal Revenue Code. (8720), (d) A trustee shall make a reasonable effort to ascertain facts relevant to the investment and management of trust assets. Except as provided in Section 16069, on reasonable request by a beneficiary, the trustee shall report to the beneficiary by providing requested information to the beneficiary relating to the administration of the trust relevant to the beneficiary's interest. (Subd (c) amended effective January 1, 2007; previously amended effective July 1, 2005.). (a) An account furnished pursuant to Section 16062 shall contain the following information: (8778), (1) A statement of receipts and disbursements of principal and income that have occurred during the last complete fiscal year of the trust or since the last account. Sometimes, the Trustee is also an heir or beneficiary, like an oldest child.