Title PROB, California Prob. Code

The personal representative has the power to hold a security in the name of a nominee or in any other form without disclosure of the estate, so that title to the security may pass by delivery. (Enacted by Stats. 1990, Ch. 79.)

The personal representative has the power to exercise security subscription or conversion rights. (Enacted by Stats. 1990, Ch. 79.)

The personal representative has the power to make repairs and improvements to real and personal property of the estate. (Enacted by Stats. 1990, Ch. 79.)

The personal representative has the power to accept a deed to property which is subject to a mortgage or deed of trust in lieu of foreclosure of the mortgage or sale under the deed of trust. (Enacted by Stats. 1990, Ch. 79.)

The personal representative has the power to give a partial satisfaction of a mortgage or to cause a partial reconveyance to be executed by a trustee under a deed of trust held by the estate. (Enacted by Stats. 1990, Ch. 79.)

(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. (Repealed and added by Stats. 2023, Ch. 28, Sec. 2. (SB 522)…

(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…

(a) At least 15 days before the hearing on the petition, the petitioner shall cause a notice of the time and place of the hearing and a copy of the petition to be served upon any nonpetitioning spouse not alleged to lack legal capacity for the proposed transaction. (b) Service un…

As used in this article, “transaction” means a transaction affecting title to property in the estate, including, but not limited to, the following: (a) In the case of real property, a conveyance (including a sale, option, or order confirming a sale or option), a lease, the creati…

If a transaction affecting real property in the estate is executed by the personal representative in accordance with the terms of a court order, the instrument shall include a statement that the transaction is made by authority of the order authorizing or directing the transactio…

A transaction executed by the personal representative in accordance with an order authorizing or directing the transaction has the same effect as if the decedent were living at the time of the transaction and had carried it out in person while having legal capacity to do so. (Ena…

If an order is made setting apart a probate homestead, confirming a sale or making a distribution of real property, or determining any other matter affecting title to real property in the estate, the personal representative shall record a certified copy of the order in the office…

(a) Within 120 days after a will is admitted to probate, any interested person, other than a party to a will contest and other than a person who had actual notice of a will contest in time to have joined in the contest, may petition the court to revoke the probate of the will. Th…

(a) On the filing of the petition, a summons shall be directed to the personal representative and to the heirs and devisees of the decedent, so far as known to the petitioner. The summons shall contain a direction that the persons summoned file with the court a written pleading i…

(a) If it appears on satisfactory proof that the will should be denied probate, the court shall revoke the probate of the will. (b) Revocation of probate of a will terminates the powers of the personal representative. The personal representative is not liable for any otherwise pr…

(a) The commission and expenses provided by this article as compensation for the services of the probate referee shall be paid from the estate. (b) The probate referee may not withhold the appraisal until the commission and expenses are paid, but shall deliver the appraisal to th…

As compensation for services the probate referee shall receive all of the following: (a) A commission of one-tenth of one percent of the total value of the property for each estate appraised, subject to Section 8963. The commission shall be computed excluding property appraised b…

(a) Notwithstanding Section 8961 and subject to subdivision (b), the commission of the probate referee shall in no event be less than seventy-five dollars ($75) nor more than ten thousand dollars ($10,000) for any estate appraised. (b) Upon application of the probate referee, the…

If more than one probate referee appraises or participates in the appraisal of property in the estate, each is entitled to the share of the commission agreed upon by the referees or, absent an agreement, that the court allows. In no case shall the total commission for all referee…

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) A conservator served pursuant to this article shall, and the Director of State Hospitals or the Director of Developmental Services given notice pursuant to Section 1461 may, appear at the hearing and represent a spouse alleged to lack legal capacity for the proposed transacti…

(a) If a spouse is alleged to lack legal capacity for the proposed transaction and has no conservator, the spouse shall be produced at the hearing unless unable to attend the hearing. (b) If the spouse is not able to attend the hearing because of medical inability, such inability…

(a) If a spouse is alleged to lack legal capacity for the proposed transaction and has no conservator, the court, before commencement of the hearing on the merits, shall inform the spouse of all of the following: (1) A determination of lack of legal capacity for the proposed tran…