Section 16602 - DefinitionsFor purposes of this chapter, the following definitions shall apply:
(a) "Breach of trust" includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this chapter, or law of this state other than this chapter pertaining to trusts.(b) "Directed trust" means a trust for which the terms of the trust grant a power of direction.(c) "Directed trustee" means a trustee that is subject to a trust director's power of direction.(d) "Power of direction" means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. Power of direction includes a power over the investment, management, or distribution of trust property or other matters of trust administration. The term excludes the powers described in subdivision (a) of Section 16606.(e) "Settlor" means a person, including a testator, who creates, or contributes property to, a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person's contribution except to the extent another person has the power to revoke or withdraw that portion.(f) "Terms of a trust" means either of the following:(1) The manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or established by other evidence that has been admitted in a judicial proceeding.(2) The trust's provisions as established, determined, or amended by a trustee or trust director in accordance with applicable law, the exercise of a power of appointment in accordance with applicable law, a court order, or other binding modification, including, but not limited to, under Section 15404.(g) "Trust director" means a person that is granted a power of direction by the terms of a trust, to the extent the power is exercisable while the person is not serving as a trustee. The person is a trust director whether or not the terms of the trust refer to the person as a trust director and whether or not the person is a beneficiary or settlor of the trust.Added by Stats 2023 ch 721 (SB 801),s 3, eff. 1/1/2024.