reglab/housing_qa huggingface dataset:
CA Prob Code § 16047 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 2.5 - Uniform Prudent Investor Act|Section 16047.

16047.  (a) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.(b) A trustee’s investment and management decisions respecting individual assets and courses of action must be evaluated not in isolation, but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust.(c) Among circumstances that are appropriate to consider in investing and managing trust assets are the following, to the extent relevant to the trust or its beneficiaries:(1) General economic conditions.(2) The possible effect of inflation or deflation.(3) The expected tax consequences of investment decisions or strategies.(4) The role that each investment or course of action plays within the overall trust portfolio.(5) The expected total return from income and the appreciation of capital.(6) Other resources of the beneficiaries known to the trustee as determined from information provided by the beneficiaries.(7) Needs for liquidity, regularity of income, and preservation or appreciation of capital.(8) An asset’s special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries.(d) A trustee shall make a reasonable effort to ascertain facts relevant to the investment and management of trust assets.(e) A trustee may invest in any kind of property or type of investment or engage in any course of action or investment strategy consistent with the standards of this chapter.(Added by Stats. 1995, Ch. 63, Sec. 6. Effective January 1, 1996.)
CA Prob Code § 16048 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 2.5 - Uniform Prudent Investor Act|Section 16048.

16048.  In making and implementing investment decisions, the trustee has a duty to diversify the investments of the trust unless, under the circumstances, it is prudent not to do so.(Added by Stats. 1995, Ch. 63, Sec. 6. Effective January 1, 1996.)
CA Prob Code § 16049 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 2.5 - Uniform Prudent Investor Act|Section 16049.

16049.  Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust, and with the requirements of this chapter.(Added by Stats. 1995, Ch. 63, Sec. 6. Effective January 1, 1996.)
CA Prob Code § 16050 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 2.5 - Uniform Prudent Investor Act|Section 16050.

16050.  In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, overall investment strategy, purposes, and other circumstances of the trust.(Added by Stats. 1995, Ch. 63, Sec. 6. Effective January 1, 1996.)
CA Prob Code § 16051 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 2.5 - Uniform Prudent Investor Act|Section 16051.

16051.  Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee’s decision or action and not by hindsight.(Added by Stats. 1995, Ch. 63, Sec. 6. Effective January 1, 1996.)
CA Prob Code § 16052 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 2.5 - Uniform Prudent Investor Act|Section 16052.

16052.  (a) A trustee may delegate investment and management functions as prudent under the circumstances. The trustee shall exercise prudence in the following:(1) Selecting an agent.(2) Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust.(3) Periodically reviewing the agent’s overall performance and compliance with the terms of the delegation.(b) In performing a delegated function, an agent has a duty to exercise reasonable care to comply with the terms of the delegation.(c) Except as otherwise provided in Section 16401, a trustee who complies with the requirements of subdivision (a) is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.(d) By accepting the delegation of a trust function from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state.(Added by Stats. 1995, Ch. 63, Sec. 6. Effective January 1, 1996.)
CA Prob Code § 16053 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 2.5 - Uniform Prudent Investor Act|Section 16053.

16053.  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.”(Added by Stats. 1995, Ch. 63, Sec. 6. Effective January 1, 1996.)
CA Prob Code § 16054 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 2.5 - Uniform Prudent Investor Act|Section 16054.

16054.  This article applies to trusts existing on and created after its effective date. As applied to trusts existing on its effective date, this article governs only decisions or actions occurring after that date.(Added by Stats. 1995, Ch. 63, Sec. 6. Effective January 1, 1996.)
CA Prob Code § 16060 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 3 - Trustee s Duty to Report Information and Account to Beneficiaries|Section 16060.

16060.  The trustee has a duty to keep the beneficiaries of the trust reasonably informed of the trust and its administration.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16060.5 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 3 - Trustee s Duty to Report Information and Account to Beneficiaries|Section 16060.5.

16060.5.  As used in this article, “terms of the trust” means the written trust instrument of an irrevocable trust or those provisions of a written trust instrument in effect at the settlor’s death that describe or affect that portion of a trust that has become irrevocable at the death of the settlor. 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. “Terms of the trust” does not include documents which were intended to affect disposition only while the trust was revocable. If a trust has been completely restated, “terms of the trust” does not include trust instruments or amendments which are superseded by the last restatement before the settlor’s death, but it does include amendments executed after the restatement. “Terms of the trust” also includes any document irrevocably exercising a power of appointment over the trust or over any portion of the trust which has become irrevocable.(Amended by Stats. 2000, Ch. 34, Sec. 2. Effective January 1, 2001.)
CA Prob Code § 16060.7 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 3 - Trustee s Duty to Report Information and Account to Beneficiaries|Section 16060.7.

16060.7.  On the request of a beneficiary, the trustee shall provide the terms of the trust to the beneficiary unless the trustee is not required to provide the terms of the trust to the beneficiary in accordance with Section 16069.(Added by Stats. 2010, Ch. 621, Sec. 2. (SB 202) Effective January 1, 2011.)
CA Prob Code § 16061 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 3 - Trustee s Duty to Report Information and Account to Beneficiaries|Section 16061.

16061.  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.(Amended by Stats. 2010, Ch. 621, Sec. 3. (SB 202) Effective January 1, 2011.)
CA Prob Code § 16061.5 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 3 - Trustee s Duty to Report Information and Account to Beneficiaries|Section 16061.5.

16061.5.  (a) A trustee shall provide a true and complete copy of the terms of the irrevocable trust, or irrevocable portion of the trust, to each of the following:(1) Any beneficiary of the trust who requests it, and to any heir of a deceased settlor who requests it, when a revocable trust or any portion of a revocable trust becomes irrevocable because of the death of one or more of the settlors of the trust, when a power of appointment is effective or lapses upon the death of a settlor under the circumstances described in paragraph (3) of subdivision (a) of Section 16061.7, or because, by the express terms of the trust, the trust becomes irrevocable within one year of the death of a settlor because of a contingency related to the death of one or more of the settlors of the trust.(2) Any beneficiary of the trust who requests it, whenever there is a change of trustee of an irrevocable trust.(3) If the trust is a charitable trust subject to the supervision of the Attorney General, to the Attorney General, if requested, when a revocable trust or any portion of a revocable trust becomes irrevocable because of the death of one or more of the settlors of the trust, when a power of appointment is effective or lapses upon the death of a settlor under the circumstances described in paragraph (3) of subdivision (a) of Section 16061.7, or because, by the express terms of the trust, the trust becomes irrevocable within one year of the death of a settlor because of a contingency related to the death of one or more of the settlors of the trust, and whenever there is a change of trustee of an irrevocable trust.(b) The trustee shall, for purposes of this section, rely upon any final judicial determination of heirship. However, the trustee shall have discretion to make a good faith determination by any reasonable means of the heirs of a deceased settlor in the absence of a final judicial determination of heirship known to the trustee.(Amended by Stats. 2010, Ch. 621, Sec. 4. (SB 202) Effective January 1, 2011.)
CA Prob Code § 16061.8 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 3 - Trustee s Duty to Report Information and Account to Beneficiaries|Section 16061.8.

16061.8.  No person upon whom the notification by the trustee is served pursuant to this chapter, whether the notice is served on him or her within or after the time period set forth in subdivision (f) of Section 16061.7, may bring an action to contest the trust more than 120 days from the date the notification by the trustee is served upon him or her, or 60 days from the date on which a copy of the terms of the trust is delivered pursuant to Section 1215 to him or her during that 120-day period, whichever is later.(Amended by Stats. 2017, Ch. 319, Sec. 88. (AB 976) Effective January 1, 2018.)
CA Prob Code § 16061.9 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 3 - Trustee s Duty to Report Information and Account to Beneficiaries|Section 16061.9.

16061.9.  (a) A trustee who fails to serve the notification by trustee as required by Section 16061.7 on a beneficiary shall be responsible for all damages, attorney’s fees, and costs caused by the failure unless the trustee makes a reasonably diligent effort to comply with that section.(b) A trustee who fails to serve the notification by trustee as required by Section 16061.7 on an heir who is not a beneficiary and whose identity is known to the trustee shall be responsible for all damages caused to the heir by the failure unless the trustee shows that the trustee made a reasonably diligent effort to comply with that section. For purposes of this subdivision, “reasonably diligent effort” means that the trustee has delivered notice pursuant to Section 1215 to the heir at the heir’s last address actually known to the trustee.(c) A trustee, in exercising discretion with respect to the timing and nature of distributions of trust assets, may consider the fact that the period in which a beneficiary or heir could bring an action to contest the trust has not expired.(Amended by Stats. 2017, Ch. 319, Sec. 89. (AB 976) Effective January 1, 2018.)
CA Prob Code § 16062 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 3 - Trustee s Duty to Report Information and Account to Beneficiaries|Section 16062.

16062.  (a) Except as otherwise provided in this section and in Section 16064, the trustee shall account at least annually, at the termination of the trust, and upon a change of trustee, to each beneficiary to whom income or principal is required or authorized in the trustee’s discretion to be currently distributed.(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).(c) A trustee of a trust created by a will executed before July 1, 1987, is not subject to the duty to account provided by subdivision (a), except that if the trust is removed from continuing court jurisdiction pursuant to Article 2 (commencing with Section 17350) of Chapter 4 of Part 5, the duty to account provided by subdivision (a) applies to the trustee.(d) Except as provided in Section 16064, the duty of a trustee to account pursuant to former Section 1120.1a of the Probate Code (as repealed by Chapter 820 of the Statutes of 1986), under a trust created by a will executed before July 1, 1977, which has been removed from continuing court jurisdiction pursuant to former Section 1120.1a, continues to apply after July 1, 1987. The duty to account under former Section 1120.1a may be satisfied by furnishing an account that satisfies the requirements of Section 16063.(e) Any limitation or waiver in a trust instrument of the obligation to account is against public policy and shall be void as to any sole trustee who is either of the following:(1) A disqualified person as defined in former Section 21350.5 (as repealed by Chapter 620 of the Statutes of 2010).(2) Described in subdivision (a) of Section 21380, but not described in Section 21382.(Amended by Stats. 2016, Ch. 86, Sec. 250. (SB 1171) Effective January 1, 2017.)
CA Prob Code § 16063 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 3 - Trustee s Duty to Report Information and Account to Beneficiaries|Section 16063.

16063.  (a) An account furnished pursuant to Section 16062 shall contain the following information:(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.(2) A statement of the assets and liabilities of the trust as of the end of the last complete fiscal year of the trust or as of the end of the period covered by the account.(3) The trustee’s compensation for the last complete fiscal year of the trust or since the last account.(4) The agents hired by the trustee, their relationship to the trustee, if any, and their compensation, for the last complete fiscal year of the trust or since the last account.(5) A statement that the recipient of the account may petition the court pursuant to Section 17200 to obtain a court review of the account and of the acts of the trustee.(6) A statement that claims against the trustee for breach of trust may not be made after the expiration of three years from the date the beneficiary receives an account or report disclosing facts giving rise to the claim.(b) All accounts filed to be approved by a court shall be presented in the manner provided in Chapter 4 (commencing with Section 1060) of Part 1 of Division 3.(Repealed and added by Stats. 1997, Ch. 724, Sec. 26. Effective January 1, 1998.)
CA Prob Code § 16064 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 3 - Trustee s Duty to Report Information and Account to Beneficiaries|Section 16064.

16064.  The trustee is not required to account to a beneficiary as described in subdivision (a) of Section 16062, in any of the following circumstances:(a) To the extent the trust instrument waives the account, except that no waiver described in subdivision (e) of Section 16062 shall be valid or enforceable. Regardless of a waiver of accounting in the trust instrument, upon a showing that it is reasonably likely that a material breach of the trust has occurred, the court may compel the trustee to account.(b) As to a beneficiary who has waived in writing the right to an account. A waiver of rights under this subdivision may be withdrawn in writing at any time as to accounts for transactions occurring after the date of the written withdrawal. 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.(c) In any of the circumstances set forth in Section 16069.(Amended by Stats. 2010, Ch. 621, Sec. 7. (SB 202) Effective January 1, 2011.)
CA Prob Code § 16068 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 3 - Trustee s Duty to Report Information and Account to Beneficiaries|Section 16068.

16068.  Any waiver by a settlor of the obligation of the trustee of either of the following is against public policy and shall be void:(a) To provide the terms of the trust to the beneficiary as required by Sections 16060.7 and 16061.5.(b) To provide requested information to the beneficiary as required by Section 16061.(Added by Stats. 2010, Ch. 621, Sec. 8. (SB 202) Effective January 1, 2011.)
CA Prob Code § 16069 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 3 - Trustee s Duty to Report Information and Account to Beneficiaries|Section 16069.

16069.  (a) The trustee is not required to account to the beneficiary, provide the terms of the trust to a beneficiary, or provide requested information to the beneficiary pursuant to Section 16061, in any of the following circumstances:(1) In the case of a beneficiary of a revocable trust, as provided in subdivision (a) of Section 15800, for the period when the trust may be revoked.(2) If the beneficiary and the trustee are the same person.(b) Notwithstanding subdivision (a), in the case of a revocable trust, if no person holding the power to revoke the trust, in whole or in part, is competent, the trustee’s duties to account shall be owed to those beneficiaries specified in paragraph (2) of subdivision (b) of Section 15800.(Amended by Stats. 2021, Ch. 749, Sec. 2. (AB 1079) Effective January 1, 2022.)
CA Prob Code § 16080 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 4 - Duties With Regard to Discretionary Powers|Section 16080.

16080.  Except as provided in Section 16081, a discretionary power conferred upon a trustee is not left to the trustee’s arbitrary discretion, but shall be exercised reasonably.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16082 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 4 - Duties With Regard to Discretionary Powers|Section 16082.

16082.  Except as otherwise specifically provided in the trust instrument, a person who holds a power to appoint or distribute income or principal to or for the benefit of others, either as an individual or as trustee, may not use the power to discharge the legal obligations of the person holding the power.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16100 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 5 - Duties of Trustees of Private Foundations, Charitable Trusts, and Split-Interest Trusts|Section 16100.

16100.  As used in this article, the following definitions shall control:(a) “Charitable trust” means a charitable trust as described in Section 4947(a)(1) of the Internal Revenue Code.(b) “Private foundation” means a private foundation as defined in Section 509 of the Internal Revenue Code.(c) “Split-interest trust” means a split-interest trust as described in Section 4947(a)(2) of the Internal Revenue Code.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16101 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 5 - Duties of Trustees of Private Foundations, Charitable Trusts, and Split-Interest Trusts|Section 16101.

16101.  During any period when a trust is deemed to be a charitable trust or a private foundation, the trustee shall distribute its income for each taxable year (and principal if necessary) at a time and in a manner that will not subject the property of the trust to tax under Section 4942 of the Internal Revenue Code.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16102 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 5 - Duties of Trustees of Private Foundations, Charitable Trusts, and Split-Interest Trusts|Section 16102.

16102.  During any period when a trust is deemed to be a charitable trust, a private foundation, or a split-interest trust, the trustee shall not do any of the following:(a) Engage in any act of self-dealing as defined in Section 4941(d) of the Internal Revenue Code.(b) Retain any excess business holdings as defined in Section 4943(c) of the Internal Revenue Code.(c) Make any investments in such manner as to subject the property of the trust to tax under Section 4944 of the Internal Revenue Code.(d) Make any taxable expenditure as defined in Section 4945(d) of the Internal Revenue Code.(Enacted by Stats. 1990, Ch. 79.)