{"id":3798,"date":"2022-05-14T13:26:39","date_gmt":"2022-05-14T13:26:39","guid":{"rendered":"https:\/\/crowdsourcelawyers.com\/california-statutes\/?page_id=3798"},"modified":"2022-05-20T23:47:06","modified_gmt":"2022-05-20T23:47:06","slug":"probate-code-prob-16361","status":"publish","type":"page","link":"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/probate-code-prob-16361\/","title":{"rendered":"Probate Code &#8211; PROB 16361"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-l35wikaf-5df6127f421eaa4de7f32fc259078cef\">\n#top .av-special-heading.av-l35wikaf-5df6127f421eaa4de7f32fc259078cef{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-l35wikaf-5df6127f421eaa4de7f32fc259078cef .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-l35wikaf-5df6127f421eaa4de7f32fc259078cef .av-subheading{\nfont-size:22px;\n}\n<\/style>\n<div  class='av-special-heading av-l35wikaf-5df6127f421eaa4de7f32fc259078cef av-special-heading-h1 blockquote modern-quote  avia-builder-el-0  el_before_av_hr  avia-builder-el-first '><div class='av-subheading av-subheading_above'><p>California<\/p>\n<\/div><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >Probate Code &#8211; PROB \u00a7 16361<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_hr-3a876428eececa9d35452247ddb053af\">\n#top .hr.hr-invisible.av-av_hr-3a876428eececa9d35452247ddb053af{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-av_hr-3a876428eececa9d35452247ddb053af hr-invisible  avia-builder-el-1  el_after_av_heading  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-av_textblock-e878f05c31dff72941bf1e49a00d9ff5 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p><a href=\"https:\/\/crowdsourcelawyers.com\/\">CrowdSourceLawyers.com<\/a><\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad\">\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad .av_searchform_wrapper{\nborder-color:#edae44;\nbackground-color:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad #s.av-input-field{\ncolor:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad .av-input-field-icon.av-search-icon{\ncolor:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad .av-input-field-icon.av-search-icon.avia-svg-icon svg:first-child{\nfill:#edae44;\nstroke:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad #searchsubmit{\nbackground-color:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad .av_searchsubmit_wrapper{\nbackground-color:#edae44;\n}\n<\/style>\n<div  class='avia_search_element av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad  avia-builder-el-3  el_after_av_textblock  el_before_av_hr '><search><form action='https:\/\/crowdsourcelawyers.com\/california-statutes\/' id='searchform_element' method='get' class='' data-element_id='av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad' ><div class='av_searchform_wrapper'><input type='search' value='' id='s' name='s' placeholder='Search CA statutes' aria-label='Search CA statutes' class='av-input-field ' required \/><div class='av_searchsubmit_wrapper '><input type='submit' value='Find' id='searchsubmit' class='button ' title='View results on search page' aria-label='View results on search page' \/><\/div><input type='hidden' name='numberposts' value='10' \/><input type='hidden' name='results_hide_fields' value='' \/><\/div><\/form><\/search><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_hr-3a876428eececa9d35452247ddb053af\">\n#top .hr.hr-invisible.av-av_hr-3a876428eececa9d35452247ddb053af{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-av_hr-3a876428eececa9d35452247ddb053af hr-invisible  avia-builder-el-4  el_after_avia_sc_search  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-l35wjoz9-5eba1b519cc9e59ddc7fa7a171c06e43 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><div class=\"row\">\n<div class=\"subsection\">(a)\u2002For purposes of this section, the following terms have the following meanings:<\/div>\n<div class=\"subsection\">\n<div class=\"subsection\">\n<div class=\"subsection\">\n<p style=\"padding-left: 40px\">(1)\u2002\u201c<span class=\"wordphrase\">Payment<\/span>\u201d means a payment that a trustee may receive over a fixed number of years or during the life of an individual because of services rendered or property transferred to the payer in exchange for future payments. \u2002The term also includes a payment made in money or property from the payer&#8217;s general assets or from a separate fund created by the payer. \u2002For purposes of subdivisions (d), (e), (f), and (g), \u201cpayment\u201d also includes any payment from a separate fund, regardless of the reason for the payment.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p style=\"padding-left: 40px\">(2)\u2002\u201c<span class=\"wordphrase\">Separate fund<\/span>\u201d includes a private or commercial annuity, an individual retirement account, and a pension, profit-sharing, stock bonus, or stock ownership plan.<\/p>\n<\/div>\n<\/div>\n<div class=\"subsection\">\n<p>(b)\u2002To the extent that any portion of the payment is characterized by the payer as interest, a dividend, or a payment made in lieu of interest or a dividend, a trustee shall allocate that portion of the payment to income. \u2002The trustee shall allocate to principal the balance of the payment.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p>(c)\u2002If no part of a payment is characterized as interest, a dividend, or an equivalent payment, and all or part of the payment is required to be made, a trustee shall allocate to income 10 percent of the part that is required to be made during the accounting period and the balance to principal. \u2002If no part of a payment is required to be made or the payment received is the entire amount to which the trustee is entitled, the trustee shall allocate the entire payment to principal. \u2002For purposes of this subdivision, a payment is not \u201crequired to be made\u201d to the extent that it is made because the trustee exercises a right of withdrawal.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p>(d)\u2002Subdivisions (f) and (g) shall apply, except as provided in subdivision (e), and subdivisions (b) and (c) shall not apply, in determining the allocation of a payment made from a separate fund to either of the following:<\/p>\n<div class=\"subsection\">\n<p style=\"padding-left: 40px\">(1)\u2002A trust to which an election to qualify for a marital deduction is made under\u00a0<span class=\"cite\">Section 2056(b)(7) of the Internal Revenue Code\u00a0<\/span>.\u00a0<span class=\"footnote-reference\">\u20091<\/span><\/p>\n<\/div>\n<div class=\"subsection\">\n<p style=\"padding-left: 40px\">(2)\u2002A trust that qualifies for the marital deduction under\u00a0<span class=\"cite\">Section 2056(b)(5) of the Internal Revenue Code\u00a0<\/span>.<\/p>\n<\/div>\n<\/div>\n<div class=\"subsection\">\n<p>(e)\u2002Subdivisions (d), (f), and (g) shall not apply if the series of payments would, without the application of subdivision (d), qualify for the marital deduction under\u00a0<span class=\"cite\">Section 2056(b)(7)(C) of the Internal Revenue Code\u00a0<\/span>.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p>(f)\u2002If the separate fund payer provides documentation reflecting the internal income of the separate fund to the trustee, the trustee shall allocate the internal income of each separate fund for the accounting period as if the separate fund were a trust subject to this act. \u2002Upon request of the surviving spouse, the trustee shall require that the person administering the separate fund distribute this internal income to the trust. \u2002The trustee shall allocate a payment from the separate fund to income to the extent of the internal income of the separate fund and distribute that amount to the surviving spouse. \u2002The trustee shall allocate the balance to principal. \u2002Upon request of the surviving spouse, the trustee shall allocate principal to income to the extent the internal income of the separate fund exceeds payments made from the separate fund to the trust during the accounting period.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p>(g)\u2002If the separate fund payer does not provide documentation reflecting the internal income of the separate fund to the trustee, but the trustee can determine the value of the separate fund, the internal income of the separate fund is deemed to equal 4 percent of the fund&#8217;s value, according to the most recent statement of value preceding the beginning of the accounting period. \u2002If the separate fund payer does not provide documentation reflecting the internal income of the separate fund to the trustee\u00a0<span class=\"added-material\">and the trustee cannot determine the value of the separate fund<\/span>, the internal income of the fund is deemed to equal the product of the interest rate and the present value of the expected future payments, as determined under\u00a0<span class=\"cite\">Section 7520 of the Internal Revenue Code\u00a0<\/span>for the month preceding the accounting period for which the computation is made.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p>(h)\u2002This section does not apply to a payment to which\u00a0<span class=\"cite\">Section 16362\u00a0<\/span>applies.<\/p>\n<\/div>\n<p><br class=\"avia-permanent-lb\" \/><br class=\"avia-permanent-lb\" \/><\/p>\n<\/div>\n<\/div>\n<hr \/>\n<p><a href=\"https:\/\/crowdsourcelawyers.com\/\">CrowdSourceLawyers.com<\/a><\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":9,"featured_media":0,"parent":2019,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-3798","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Probate Code - PROB 16361 - California Statutes<\/title>\n<meta name=\"robots\" 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