Title PROB — California Prob. Code

(a) In administering a unitrust under this article, a fiduciary shall follow a unitrust plan adopted under paragraph (1) or (2) of subdivision (a) of Section 16332, or amended or replaced under paragraph (2) of subdivision (a) of Section 16332. (b) A unitrust plan shall provide a…

(a) A unitrust rate may not be less than 3 percent, or greater than 5 percent, unless the unitrust plan has been approved by court order. If the unitrust plan has been approved by court order, any unitrust rate may be used. Except as otherwise provided in this subdivision and in …

(a) A unitrust plan shall provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including both of the following: (1) The frequency of valuing the asset, which need not require a valuation in every period. (2) The …

(a) A unitrust plan shall provide the period used under Sections 16335 and 16336. Except as otherwise provided in paragraph (3) of subdivision (b) of Section 16338, the period may be any of the following: (1) A calendar year. (2) A 12-month period other than a calendar year. (3) …

(a) A unitrust plan may include any of the following: (1) Provide methods and standards for all of the following: (A) Determining the timing of distributions. (B) Making distributions in money or in kind or partly in money and partly in kind. (C) Correcting an underpayment or ove…

(a) The following definitions apply for purposes of this section: (1) “Capital distribution” means an entity distribution of money that is either of the following: (A) A return of capital. (B) A distribution in total or partial liquidation of the entity. (2) “Entity” means a corp…

A fiduciary shall allocate to income an amount received as a distribution of income, including a unitrust distribution under Article 3 (commencing with Section 16330), from a trust or estate in which the fiduciary has an interest, other than an interest the fiduciary purchased in…

(a) This section applies to a business or other activity conducted by a fiduciary if the fiduciary determines that it is in the interests of the beneficiaries to account separately for the business or other activity instead of doing either of the following: (1) Accounting for the…

A fiduciary shall allocate to principal any of the following: (a) To the extent not allocated to income under this chapter, an asset received from any of the following: (1) An individual, during the individual’s lifetime. (2) An estate. (3) A trust, on termination of an income in…

To the extent a fiduciary does not account for the management of rental property as a business under Section 16342, the fiduciary shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease.…

(a) This section does not apply to an obligation to which Section 16348, 16349, 16350, 16351, 16353, 16354, or 16355 applies. (b) A fiduciary shall allocate to income, without provision for amortization of premium, an amount received as interest on an obligation to pay money to t…

(a) This section does not apply to a contract to which Section 16348 applies. (b) Except as otherwise provided in subdivision (c), a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract received by the fiduciary as beneficiary, including…

(a) If a fiduciary determines that an allocation between income and principal required by Section 16348, 16349, 16350, 16351, or 16354 is insubstantial, the fiduciary may allocate the entire amount to principal, unless subdivision (e) of Section 16327 applies to the allocation. (…

(a) The following definitions apply for purposes of this section: (1) “Internal income of a separate fund” means the amount determined under subdivision (b). (2) “Marital trust” means a trust that meets all the following criteria: (A) The settlor’s surviving spouse is the only cu…

(a) For purposes of this section, “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a limited time. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments during …

(a) To the extent a fiduciary does not account for a receipt from an interest in minerals, water, or other natural resources as a business under Section 16432, the fiduciary shall allocate the receipt in the following manner: (1) To income, to the extent received: (A) As delay re…

(a) To the extent a fiduciary does not account for receipts from the sale of timber and related products as a business under Section 16342, the fiduciary shall allocate the net receipts: (1) To income, to the extent the amount of timber cut from the land does not exceed the rate …

(a) If a trust received property for which a gift or estate tax marital deduction was allowed and the settlor’s spouse holds a mandatory income interest in the trust, the spouse may require the trustee, to the extent the trust assets otherwise do not provide the spouse with suffi…

(a) For purposes of this section, “derivative” means a contract, instrument, other arrangement, or combination of contracts, instruments, or other arrangements, the value, rights, and obligations of which are, in whole or in part, dependent on or derived from an underlying tangib…

(a) Except as otherwise provided in subdivision (b), a fiduciary shall allocate to income a receipt from or related to an asset-backed security, to the extent the payor identifies the payment as being from interest or other current return, and to principal the balance of the rece…

A fiduciary shall allocate receipts from, or related to, a financial instrument or arrangement not otherwise addressed by this chapter. The allocation shall be consistent with the principles of Sections 16353 and 16354.

Subject to Section 16363, and except as otherwise provided in paragraph (2) or (3) of subdivision (c) of Section 16370, a fiduciary shall disburse from income all of the following: (a) One-half of both of the following: (1) The regular compensation of the fiduciary and any person…

(a) Subject to Section 16364, and except as otherwise provided in paragraph (2) of subdivision (c) of Section 16370, a fiduciary shall disburse from principal all of the following: (1) The balance of the disbursements described in paragraph (1) of subdivision (a) of, and subdivis…

(a) For purposes of this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a tangible asset having a useful life of more than one year. (b) A fiduciary may transfer to principal a reasonable amount of the net money …

(a) If a fiduciary makes or expects to make an income disbursement described in subdivision (b), the fiduciary may transfer an appropriate amount from principal to income in one or more accounting periods to reimburse income. (b) To the extent the fiduciary has not been, and does…

(a) If a fiduciary makes or expects to make a principal disbursement described in subdivision (b), the fiduciary may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or provide a reserve for future principal disburse…

(a) A tax required to be paid by a fiduciary that is based on receipts allocated to income shall be paid from income. (b) A tax required to be paid by a fiduciary that is based on receipts allocated to principal shall be paid from principal, even if the tax is called an income ta…

(a) A fiduciary may make an adjustment between income and principal to offset the shifting of economic interests or tax benefits between current income beneficiaries and successor beneficiaries that arises from any of the following: (1) An election or decision the fiduciary makes…

Unless otherwise provided by the governing instrument, determined by the trustee, or ordered by the court, distributions to beneficiaries shall be considered paid in the following order from the following sources: (a) From net taxable income other than capital gains. (b) From net…

(a) This section applies when either of the following occurs: (1) The death of an individual results in the creation of an estate or trust. (2) An income interest in a trust terminates, whether the trust continues or is distributed. (b) A fiduciary of an estate or trust with an i…

(a) Except to the extent that Article 3 (commencing with Section 16330) applies for a beneficiary that is a trust, each beneficiary described in subdivision (f) of Section 16370 is entitled to receive a share of the net income equal to the beneficiary’s fractional interest in und…

(a) An income beneficiary is entitled to net income in accordance with the terms of the trust from the date an income interest begins. The income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to e…

(a) A fiduciary shall allocate an income receipt or disbursement, other than a receipt to which subdivision (b) of Section 16370 applies, to principal if its due date occurs before the date on which either of the following occurs: (1) For an estate, the decedent died. (2) For a t…

(a) For purposes of this section, “undistributed income” means net income received on or before the date on which an income interest ends. “Undistributed income” does not include an item of income or expense that is due or accrued, or net income that has been added or is required…

In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

This chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act (15 U.S.C. Sec. 7001 et seq.), but does not modify, limit, or supersede Section 101(c) of that act (15 U.S.C. Sec. 7001(c)), or authorize electronic delivery of any of the …

This chapter applies to a trust or estate existing or created on or after the effective date of this chapter, except as otherwise expressly provided in the terms of the trust or this chapter.

If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter that can be given effect without the invalid provision or application, and to this end the provisions…

(a) As used in this chapter, “transaction” means a transaction that involves community real or personal property, tangible or intangible, or an interest therein or a lien or encumbrance thereon, including, but not limited to, those transactions with respect thereto as are listed …

(a) A proceeding may be brought under this chapter for a court order authorizing a proposed transaction, whether or not the proposed transaction is one that otherwise would require the joinder or consent of both spouses, if both of the following conditions are satisfied: (1) One …

The transactions that may be the subject of a proceeding under this chapter include, but are not limited to: (a) Sale, conveyance, assignment, transfer, exchange, conveyance pursuant to a preexisting contract, encumbrance by security interest, deed of trust, mortgage, or otherwis…

(a) A proceeding under this chapter shall be brought by a petition filed in the superior court. (b) The proper county for commencement of the proceeding is the county in which a conservatorship proceeding of one of the spouses is pending. If a conservatorship proceeding is not pe…

(a) Except as provided in subdivision (b), any of the following persons may file, or join in, a petition under this chapter: (1) Either spouse, whether or not the spouse has legal capacity. (2) The conservator of either spouse. (b) If the petition requests approval of a proposed …

(a) If a petitioning spouse is one whose legal capacity for the proposed transaction is to be determined in the proceeding, the court may do any of the following: (1) Permit the spouse to appear without a representative. (2) Appoint a guardian ad litem for the spouse. (3) Take su…

A proceeding may be brought under this chapter by the conservator of a spouse, or by a spouse having legal capacity for the proposed transaction, without the necessity of appointing a conservator for the other spouse. (Enacted by Stats. 1990, Ch. 79.)

(a) Several proposed transactions may be included in one petition and proceeding under this chapter. (b) The petition may contain inconsistent allegations and may request relief in the alternative. (Enacted by Stats. 1990, Ch. 79.)

The petition shall set forth all of the following information: (a) The name, age, and residence of each spouse. (b) If one or both spouses is alleged to lack legal capacity for the proposed transaction, a statement that the spouse has a conservator or a statement of the facts upo…

If the proceeding is brought for a court order authorizing a proposed transaction, the petition shall set forth, in addition to the information required by Section 3121, all of the following: (a) An allegation that one of the spouses has a conservator or facts establishing lack o…

If the proceeding is brought for a court order declaring that one or both spouses has legal capacity for a proposed transaction, the petition shall set forth, in addition to the information required by Section 3121, an allegation of the legal capacity of such spouse or spouses fo…

(a) Except as provided in subdivision (b), upon the filing of the petition, the clerk shall issue a citation to each nonpetitioning spouse alleged to lack legal capacity for the proposed transaction, setting forth the time and place of hearing. The citation and a copy of the peti…