Charitable trusts.

Existing law regulates trust administration and requires a trustee to administer the trust according to the trust instrument, as specified. Existing law defines a charitable trust and prescribes the duties of the trustee of a charitable trust. This bill, on and after July 1, 2022, would require a trustee holding assets subject to a charitable trust to give written notice to the Attorney General at least 20 days before the trustee sells, leases, conveys, exchanges, transfers, or otherwise disposes of all or substantially all of the charitable assets. The bill would require the Attorney General to establish rules and regulations to administer these provisions.