If a loved one or family member owns an estate and creates a trust for that estate, all of the beneficiaries listed in that trust are entitled to a share of the trust. As a beneficiary, however, you are not the person in charge of legally handling the trust and managing all the money or assets that are a part of the trust. Instead, that responsibility falls onto the trustee, who is named by the owner of the trust/estate.
While a beneficiary is not responsible for managing a trust, they have a right to gain some information regarding the trust and are legally allowed to request information from the trustee.
So, what information can you, as a beneficiary, ask the trustee for? Well, a beneficiary is allowed access to all information and documentation regarding the terms of the trust that have been set up by the owner of the trust/estate. They are also allowed information regarding what assets and how much money is held within the trust and any other deeds that are part of the trust.
There is certain information that the beneficiaries are not entitled to. This information includes how the trustee makes decisions regarding the day-to-day management of the trust or their investment decisions. The beneficiaries are also not entitled to information regarding trustees' meetings.
However, if a beneficiary feels a trustee is not acting in their best financial interests, they are allowed to dispute a legal dispute, requesting further information. In response to the legal dispute, the trustee may then have to come forward with the requested information.
Suppose you, as a beneficiary of a trust, are looking for information regarding the trust but cannot get the information from the trustee. In that case, you can reach out to an estate planning attorney for legal advice. From there, you can better understand what kind of information you are entitled to.
Evans Case is a Denver-based law firm focusing on estate planning and has a team of experienced attorneys specializing in estate planning, wills, and trusts.
If you are looking for a trust attorney or have any more questions relating to trusts, the duties of a trustee, what kind of information a beneficiary can ask from a trustee, or estate planning in general, you can get in touch with us at Evans Case. When it comes to trusts, our team can help you with revocable living trusts, irrevocable life insurance, trust administration, charitable remainder trusts, and more.
Give us a call at 303-757-8300 or contact us on our website. You can schedule an appointment or a consultation with our experienced and qualified estate planning attorneys.
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