DIRECTED TRUSTS COME OF AGE IN CALIFORNIA
By Philip J. Hayes, Esq.*
For years, California attorneys have drafted directed trusts without the "cover" of an enabling statute. Recently, the Executive Committee of the Trusts and Estates section ("Texcom") took the first step remedy that situation. On March 6, Texcom voted 27 to 0 to propose adding a directed trust statute to the Probate Code. The proposed statute is annotated and appended at the end of this article.
A. The Rise of the Directed Trusts – and Enabling Statutes