 Purpose = Allow beneficiary to obtain information to see if trustee is breaching duties.  Some states require annual accountings even without request.

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Presentation transcript:

 Purpose = Allow beneficiary to obtain information to see if trustee is breaching duties.  Some states require annual accountings even without request or court order.

 1. Beneficiary -- § (a)  Written demand to trustee.

 1. Beneficiary -- § (a)  Written demand to trustee.  Trustee must provide accounting within 90 days.

 1. Beneficiary -- § (a)  Written demand to trustee.  Trustee must provide accounting within 90 days.  If trustee does not, any beneficiary may sue.

 1. Beneficiary -- § (a)  Written demand to trustee.  Trustee must provide accounting within 90 days.  If trustee does not, any beneficiary may sue.  Court may award beneficiary’s attorney fees and court costs against trust or trustee personally.

 1. Beneficiary -- § (a)  Written demand to trustee.  Trustee must provide accounting within 90 days.  If trustee does not, any beneficiary may sue.  Court may award beneficiary’s attorney fees and court costs against trust or trustee personally.  Only one accounting per 12 months unless court orders more.

 2. Interested Person -- § (b)  File suit.  Court will order accounting if it finds the interested person’s interest warrants an accounting.

 1. All new trust property not previously accounted for.

 2. Account of all:  Receipts  Disbursements  Other transactions  Source and nature of each  Show income and principal separately

 3. List and description of all trust property.

 4. Cash balance on hand and where kept.

 5. All known liabilities

 1. Settlor may require accountings at a stated time, interval, or event.

 2. Total waiver of accountings not allowed  Against public policy  Without accountings, beneficiaries unable to ascertain if trustee in breach

 3. Limitations allowed under § (b)(4)(A):  Trust is revocable  Beneficiary of irrevocable trust is remote: ▪ Not entitled to current distribution. ▪ Not entitled to distribution if trust ended now.

 1. Keep trust records in accounting form from Day 1.  2. Render regular accountings even if not asked.  3. Respond to accounting requests promptly.