Modern Tools

What does a trustee have to give a beneficiary?

What does a trustee have to give a beneficiary?

A trustee therefore has a duty to provide certain information to beneficiaries, which usually will include a copy of the trust document, any deeds of variation of the trust, deeds of appointment and trust accounts.

Who is entitled to information in a trust?

Here are some key points to bear in mind whether you are a trustee or a beneficiary. Beneficiaries with fixed rights under a trust have more rights to information than those under discretionary trusts. Certain beneficiaries must be provided with information as of right – e.g. a life tenant about the trust income they are entitled to.

What happens if a trustee refuses a request for information?

A trustee should consider any request for information carefully, as if the Court finds there is no good reason for the trustee to have refused, he is at risk of an order for costs (as was case in Schmidt), which could mean a significant financial penalty for him personally.

Who is the trustee of a living trust?

One common type of trust is a revocable living trust, often simply called a “living trust.” The way it often works is that the settlor creates the trust and funds it with assets. Then he or she acts as both the trustee, managing and distributing those assets, and the beneficiary.

What should I ask the trustee of a trust?

Ask the trustee how they plan on sharing information about your relationship to the trust. You may also want to know what information you are entitled to about other beneficiaries of the trust.

What are the duties of a trust trustee?

As such, a trustee has many duties and responsibilities, which require the trustee to act in best interest of the beneficiaries and trust assets, within the purposes stated in the trust documents, and as a reasonable or prudent person in the trustee’s position role would do.

How long does a trustee have to inform a beneficiary of a trust?

Of the court in which the trust is registered, if it is registered; and Of the trustee’s name, address, and phone number. In the case of a formerly revocable trust that has become irrevocable (such as by the settlor’s death), the trustee has 63 days in which to inform the beneficiaries:

How to find out who has access to a trust?

Find out if speaking with the trustee or the trustee’s representative (usually called the trust officer or the trust administrator) may also be useful to map out a future that’s not solely dependent on the assets within it. Who else has access to the trust? Are there other beneficiaries that will have access to this trust?