Chapter 1. General Provisions - California Probate Code Section 21118

21118.  (a) If an instrument authorizes a fiduciary to satisfy a
pecuniary gift wholly or partly by distribution of property other
than money, property selected for that purpose shall be valued at its
fair market value on the date of distribution, unless the instrument
expressly provides otherwise. If the instrument permits the
fiduciary to value the property selected for distribution as of a
date other than the date of distribution, then, unless the instrument
expressly provides otherwise, the property selected by the fiduciary
for that purpose shall fairly reflect net appreciation and
depreciation (occurring between the valuation date and the date of
distribution) in all of the assets from which the distribution could
have been made.
   (b) As used in this section, "pecuniary gift" means a transfer of
property made in an instrument that either is expressly stated as a
fixed dollar amount or is a dollar amount determinable by the
provisions of the instrument.

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Last modified: February 16, 2015