California Probate Code

§ 16362

PROB § 16362 Effective Jan 1, 2024Div. 9 · Part 4 · Ch. 3 · Art. 5

Statute text

(a)For purposes of this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a tangible asset having a useful life of more than one year.

(b)A fiduciary may transfer to principal a reasonable amount of the net money receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:

(1)Of the part of real property used or available for use by a beneficiary as a residence.

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Legislative history

Repealed and added by Stats. 2023, Ch. 28, Sec. 2. (SB 522) Effective January 1, 2024.