California Directed Trusts⁠—⁠A Big Step Forward for California Trust Law, But What Happens Now?

We are excited to welcome Philip J. Hayes, Regional Wealth Advisor at Northern Trust,  and a distinguished expert in trust and estate planning, as our speaker for the October 2024 Dinner Meeting. Phil will provide an in‑depth analysis of the newly enacted California Uniform Directed Trust Act, which marks a significant shift in California trust law.

About the Topic:

Thirteen years after the California Bar first proposed directed trust legislation, Governor Gavin Newsom signed Senate Bill No. 801 into law on October 10, 2023. This landmark legislation enacts the California Uniform Directed Trust Act (the “California Act”), aligning California with forty‑six other states that have codified rules governing directed trusts. Effective January 1, 2024, the Act introduces new Probate Code sections (16600⁠–⁠16632), which will impact any trust‑related decisions or actions occurring after this date, regardless of when the trust was originally established.

Phil will explore the implications of this new law, offering practical insights for estate planning professionals on how to navigate the changes it brings.

Phil brings a wealth of technical expertise to his role at Northern Trust, where he focuses on creating sophisticated, multi‑disciplinary, and multi‑generational wealth plans for ultra‑high‑net‑worth clients.

With over twenty years in the financial services industry, Phil has held leadership roles at Bessemer Trust, where he served as Managing Director and Senior Fiduciary Counsel for the West Region, and at First Republic Trust Company as Deputy Trust Head. He is a fellow of the American College of Trust and Estates Counsel (ACTEC) and has been a recognized speaker on financial and estate planning topics for over fifteen years, with his insights published in several legal journals.

Phil has a strong commitment to community service, having served as President of the San Francisco Estate Planning Council, Co‑Chair of the Individual and Fiduciary Income Tax Committee for the ABA Real Property Trust and Estates Section, and as a member of the Executive Committee of the State Bar of California Trusts and Estates Section.

Phil holds a Bachelor of Arts degree in Economics from UCLA and earned his Juris Doctor from the University of California, San Francisco.

We would like to thank Sean Pryden from Wells Fargo Advisors. for sponsoring our October dinner meeting.

Sean Pryden is a Private Wealth Financial Advisor located in the San Francisco High‑Net‑Worth Office of Wells Fargo Advisors. Sean is responsible for working with high‑net‑worth clients to assist them in effectively managing their wealth, first by identifying each client’s unique goals and then by coordinating a team of specialists to implement custom, comprehensive wealth plans to help accomplish those goals.

We would like to thank Louis Cionci from Exit Strategies Group, Inc. for being the wine sponsor for our October dinner meeting.

Louis Cionci is an experienced Merger & Acquisition (M&A) advisory professional, and has been providing strategic business valuations and successful seller representation for over 15 years. He has managed over $250mm worth of transactions. He also appraises businesses for estate and gift tax filings, business sale or acquisition, shareholder agreements, succession planning, dispute resolution, and more.