Nature of Proceedings: Annual Accounting and Report (27th) Probate Notes: Appearances required. The following must be submitted: Discrepancy no. 1 – The trust suffered a loss of $121,066.07 due to the sale of several securities at a significantly less market value than the carry value. A trustee ordinarily has a duty to invest trust property, preserve it, and make it productive. (Prob. Code §§16006–16007.) The special Needs trustee's investment powers are derived from powers set by statute (Prob. Code, §§16200(b), 16047), case law, and the circumstances of the trust and its beneficiaries. All of these sources of investment powers are considered in determining whether an investment is proper. (See Estate of Collins (1977) 72 Cal.App.3d 663.) The default investment standard for all trustees is the prudent investor rule. (Prob. Code, §16046(a).) In general, the duty to invest extends to accumulated but undistributed income as well as principal. (Lynch v John M. Redfield Found. (1970) 9 Ca
September 05, 2023
Judge James F. RigaliDepartment 2 SM-Cook312-C East Cook Street P.O. Box 5369 Santa Maria, CA 93456-5369
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