(a) A release on behalf of a minor powerholder shall be made by the guardian of the estate of the minor pursuant to an order of court obtained under this section.
(b) The guardian or other interested person may file a petition with the court in which the guardianship of the estate proceeding is pending for an order of the court authorizing or requiring the guardian to release the ward’s powers as a powerholder or a power of appointment in whole or in part.
(c) Notice of the hearing on the petition shall be given for the period and in the manner provided in Chapter 3 (commencing with Section 1460) of Part 1 of Division 4 to all of the following (other than the petitioner or persons joining in the petition):
(1) The persons required to be given notice under Chapter 3 (commencing with Section 1460) of Part 1 of Division 4.
(2) The donor of the power, if alive.
(3) The trustee, if the property to which the power relates is held by a trustee.
(4) Other persons as ordered by the court.
(d) After hearing, the court in its discretion may make an order authorizing or requiring the guardian to release on behalf of the ward a general or special power of appointment as permitted under Section 661, if the court determines, taking into consideration all the relevant circumstances, that the ward as a prudent person would make the release of the power of appointment if the ward had the capacity to do so.
(e) Nothing in this section imposes any duty on the guardian to file a petition under this section, and the guardian is not liable for failure to file a petition under this section.
(Amended by Stats. 2016, Ch. 81, Sec. 16. (AB 2846) Effective January 1, 2017.)