Uniform Trust Decanting Act.
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AB 1855 — Uniform Trust Decanting Act.
Last action — In committee: Set, second hearing. Hearing canceled at the request of author.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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2In Committee
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3Passed Assembly
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4Passed Senate
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5To Executive
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6Enacted
This bill died with 2015-2016 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Existing law regulates trust administration and generally requires a trustee to administer the trust according to the trust instrument. Under existing law, a trustee may exercise specified powers without court authorization, including the power to acquire or dispose of property. Existing law authorizes the beneficiaries of an irrevocable trust to compel modification of the trust upon petition to the court, if all beneficiaries of the trust consent. This bill would enact the Uniform Trust Decanting Act, under which a fiduciary of an irrevocable trust may distribute the property of a first trust to one or more 2nd trusts or modify the terms of the first trust without the consent of the beneficiaries or approval of the court, subject to certain exceptions. The bill would require specified persons, including qualified beneficiaries and, if the trust contains a determinable charitable interest, the Attorney General, to be provided notice of the intended exercise of the decanting power, and would authorize the court, on application by specified persons, to, among other things, approve an exercise of the decanting power. Among other provisions, the bill would require a fiduciary exercising the decanting power to act in accordance with its fiduciary duties and in accordance with the purposes of the first trust. The bill would also specify that the decanting power does not apply to a trust held solely for charitable purposes.
Bill Text
What changed in the latest version
1 added · 1 removed1 line(s) added, 1 removed.
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- Introduced 02/10/16 - Introduced Current pdf February 10, 2016
- AB1855 View text html
Action History
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In committee: Set, second hearing. Hearing canceled at the request of author.
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In committee: Set, first hearing. Hearing canceled at the request of author.
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Referred to Com. on JUD.
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From printer. May be heard in committee March 12.
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Read first time. To print.
Sponsors
- Mia Bonta · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 121 not signed on
Sponsors (1)
- Bonta, Mia Democratic
Co-sponsors (0)
None.
Not signed on (121)
121 members have not signed on to this bill.
Show all 121 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does AB 1855 do?
- Existing law regulates trust administration and generally requires a trustee to administer the trust according to the trust instrument. Under existing law, a trustee may exercise specified powers without court authorization, including the power to acquire or dispose of property. Existing law authorizes the beneficiaries of an irrevocable trust to compel modification of the trust upon petition to the court, if all beneficiaries of the trust consent. This bill would enact the Uniform Trust Decanting Act, under which a fiduciary of an irrevocable trust may distribute the property of a first trust to one or more 2nd trusts or modify the terms of the first trust without the consent of the beneficiaries or approval of the court, subject to certain exceptions. The bill would require specified persons, including qualified beneficiaries and, if the trust contains a determinable charitable interest, the Attorney General, to be provided notice of the intended exercise of the decanting power, and would authorize the court, on application by specified persons, to, among other things, approve an exercise of the decanting power. Among other provisions, the bill would require a fiduciary exercising the decanting power to act in accordance with its fiduciary duties and in accordance with the purposes of the first trust. The bill would also specify that the decanting power does not apply to a trust held solely for charitable purposes.
- Who sponsors AB 1855?
- AB 1855 is sponsored by Bonta, Mia (Democratic).
- What is the current status of AB 1855?
- This bill died with 2015-2016 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track AB 1855?
- Track AB 1855 free on One Click Politics — get push/email alerts when it moves.
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