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It is not uncommon for beneficiaries of a trust to complain because they are not getting information from the trustee of a trust. Pending the terms of the trust instrument and applicable trust state law, beneficiaries of irrevocable trusts, generally, are entitled to see a copy of the trust instrument along with a rendering of clear and accurate information regarding the trust assets….(read more)
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A Trust Beneficiary’s Right To Information
A trust is a legal arrangement where one party, known as the trustee, holds assets for the benefit of another party, known as the beneficiary. Trusts can be established for various purposes, such as protecting assets, minimizing taxes, or providing for the financial needs of loved ones. When someone becomes a beneficiary of a trust, they are entitled to certain rights, including the right to information.
The right to information is crucial for a trust beneficiary as it allows them to understand and monitor the management of the trust. This right helps ensure that the trustee acts in the best interests of the beneficiary and upholds their fiduciary duties.
One of the most important sources of information for a trust beneficiary is the trust document itself. This document outlines the terms and conditions of the trust, including how the trust is formed, how it will be administered, and how the assets will be distributed. By reviewing the trust document, the beneficiary can gain insight into their rights, responsibilities, and entitlements.
In addition to the trust document, a beneficiary has the right to request periodic accountings from the trustee. These accountings provide a detailed overview of the trust’s financial transactions, including any income earned, expenses incurred, and distributions made. Accountings allow beneficiaries to ensure that the trustee is managing the trust assets prudently and in accordance with the terms of the trust.
Moreover, a beneficiary can also request information about the trust’s assets and their value. This information can help beneficiaries understand the overall financial health of the trust and ascertain whether any action needs to be taken to protect their interests. For example, if the trust owns real estate, the beneficiary may want to know its current market value or whether it is generating rental income.
Furthermore, a trust beneficiary has the right to review any relevant contracts, agreements, or legal documents that are pertinent to the trust administration. This includes documents related to the trust’s investments, loans, or any other financial transactions. By examining these documents, beneficiaries can ensure that the trustee has acted prudently and made informed decisions.
It is worth noting that while a trust beneficiary has the right to information, there are certain limitations. For instance, if the trust document explicitly restricts the release of certain information, the beneficiary may not have unrestricted access to it. Additionally, the trustee may withhold information if they believe it could harm the beneficiary or violate the privacy of a third party.
In conclusion, as a trust beneficiary, it is important to familiarize yourself with your rights to information. By understanding your entitlements, you can actively participate in the trust administration and safeguard your interests. Regularly reviewing the trust document, requesting accountings, and seeking information about the trust’s assets and transactions will help ensure that the trust is being managed properly and in accordance with your best interests.
My husband died last year and he was receiving funds from his family trust. My children are the benefiaries but the funds are being sent to my husbands sister.
This great information. Thank you. But lets say a friend has indicated that I will be added to his trust which I will have the house but the house is not paid off yet and he want me to continue to pay the mortgage with the current interest rate. Is this even possible? What would I need to do from my end? Thank you for any information that you can provide.
need help n texas have been given no info isince 2012 my kids are beneficiary college was to be paid for as well as for us to be kept in same living conditions my son cant get house till 25 but was supposed to be allowed to live in home which we have v]been denied also help
Is this true to all state laws? For example, are New Hampshire laws different from Colorado laws?
Bottom line, you need to hire an attorney.
There is a trust scam that the elderly need to be aware of. They don't scam you, they scam your kids. It better be up front in black and white exactly what your kids will get.
I didn’t hear whether contacting the bank where the trust is held is advisable.. (?)
So true.
I was just evicted from a home that was in a trust for me. Please help me!
Ok I have a question someone help lol my grandpa died but before he died he said something to my mother (his daughter) about him sitting a lil something something to the side for her and her brother…but my mom believes his wife did something funny with the money because they asked about her receiving pension as a beneficiary or something like that but she hasn't drawn any money or received anything because she was not aware of anything so now she's a bit curious…so we're trying to figure out how can we figure out how can we find out I he left something and who he left it to..not really sure how to word it honestly but can't find anything related to my issue
Hello you have some Great information I can use my two older brothers are the trustees of my parents trust and they have ripped me off terrible I am fixing to sue the heck out of them and I hope they go to prison for what they have done thank you
I was never given any report about that they never give anyone any my brother tried to pull suck when he lied on the documentary and they drew county of my brother he started it not intending to Panduit my sister paid him a large amount of money they were controlling dad with two of his inheritance Illinois an aunt who are you got three lump sum checks the last one the biggest of all still missing and unaccounted-for to printers to prosecutors and police to some criminals and my siblings all involved in stealing everything they could steal and turning their back on me like I did something wrong or father turned into men and two women in on The hotline before he died for financial bowling and help he's bought many vehicles to sell they sell them all up in two weeks time there's no record nowhere but I can't get into the records anyway beenverified had all wrong information locked in on me and I had a year arguing with him to take and delete all the information was false someone with using my emails and email backups to pretend to be being identity screw
what are my rights as my fathers daughter on the living trust if he decides to get married?
Thank you! Feeling a little bit better now. Still not sure if I understand my unique situation. but I am still trying! My only goal in all.of.this ,is to learn enough, in order to honor My Love one's last wishes,and to bring closure to all of, us during this MOSTLY the difficult time in our LIVE'S ! against I am sincerely great full to you, and how you are helping people like me ,to understand ,so that we may shed some light on the matter,so that we are able move on ,by going forward in our LIVE'S!!! Embracing " PEACE. OF MIND. " sincerely yours. Plano kidd
My husband was on his still living grandfathers trust fund when he passed away last year of a fentanyl overdose.
We were married and have two young children (2 yr old and 8mo old right now). When he passed we had a 1 year old and I was 5 months pregnant.
His family wouldn’t put the children on his portion of what he would have inherited.
They are now suing me for grandparent rights even though me and my children have never depended on them financially and we have never lived with them.
Their dad suffered with addiction since he was a teen and living at home. I’ve never done drugs and I am a fit parent. I have an education, house, full time job and benefits, and my children go to daycare.
I don’t understand why they won’t spilt what he would have inherited for our girls, why do they want rights to my children if they don’t want to help them with their futures?? They even tried stealing the gofundme money that was raised when he died. I only got it back bc I said I would sue for fraud if she kept it. I made college saving accounts for the girls with that money.
What are your thoughts? Why do you think they are acting this way? (Particularly his mother, my ex mil)
I've never added a comment on a video before… I hope you see this
Is there a time limit on fiduciary responsibilities?
My grandmother left me money that went to a trust because I was a minor, and I was told it was gone when I was a teenager. He never kept in contact. Later in life I reached out and he confirmed that it was gone. Is it possible to lose your trust?
If you are a beneficiary of a trust and the trustee is completely ignoring you and not honoring his/her fiduciary duties the absolute first thing you have to do is hire an attorney to read the will, trust, possibly amended trust before you file a petition to have the trustee removed.
There could be language in the trust that if a beneficiary tries to remove the trustee that beneficiary would forfeit their inheritance.
That’s why it’s extremely important to hire legal assistance because the average person will not understand that law language meanings and interpretations are not the same as common language.
Paul, I was sent to a different country right after my Grandpa died and I am a Beneficiary. I was sent to Thailand . I got Nothing .
Great Info. This 2nd Time Around I Would Haye Too Have A "Horror Story".
I know someone going through probate Can a judge take a beneficiary off administration ..rapid inheritance is trying to make more money off of a beneficiary by selling one of the properties and trying to force the beneficiary off administration the judge is siding with rapid inheritance is that legal by any means ..
My black widow stepmother has lied and kept all information from me. She has committed fraud elder abuse, neglect and grand theft. Can you please advise me of how to proceed with El Dorado county Superior Court? I don't even know if there is a legal trust!
My husband set up a trust but have not shared that information with me. What do I do? I overheard him on the phone talking about it
My trustee declared that there were no living beneficiary in the state of California when I do indeed live in California. What should I do?
My father is in a nursing home he has an account called death on transfer I guess the beneficiaries get it after he dies from my question is that does the nursing home get that money
Looking to hire somebody in grand rapids
Work done at my house was overcharged and price gouged. The middleman trust asset company did the invoices which aren’t complete and are summaries with no itemization of costs. My trustee paid it and the trust asset company said I couldn’t sign the invoices after work was completed. So I didn’t see any invoice, cost, even bids, TASC said they’d handle everything. They left me in the dark and I paid quadruple what my neighbors paid for the same exact service. How is that fair or right?! And how much is TASC charging for their middleman service fees? I was forced to use TASC and their chosen list of vendors which are horrible. I’ve used certain companies for years because I trust them to be fair in pricing but when this other random company stepped in that’s when the problems occurred. I want nothing to do with TASC they’ve been a nightmare!
It’s valid that a beneficiary understand the rules of the road and the trustee also understand those rule. but this attorney has put up many videos with a sinister undertone against trustees. Some are I’ll-equipped. Others malicious. Oh, so that leaves said attorney who can peel away a trusteeship to his practice and reap the trustee fees In addition to hourly Billings to litigate. Money makes people emotional. What better area than saw seeds of doubt, pick up emotive clients, sue and collect legal fees then if successful collect trustee fees. Yes some trustees are bad. Yes some steal. Also some lawyers are bad and lawyers have stolen. Many trustees are honest, understand the laws of the state and follow said laws. Be very careful. Best way is open communication between trustee and beneficiary. I’m sure aunt Susie as trustee won’t charge hourly for your questions and for sure you won’t have a receptionist take a message to some lawyer who will gat back to you when he or she can. Watch with eyes wide open.
What if the trust creator doesn't want any of the beneficiaries to know what the other beneficiaries received? They'd rather not even have anyone know who all the beneficiaries are. Must I (as the trustee responsible for disbursing the benefits) reveal the full text of the trust to any beneficiary who requests it? I suppose I might just offer them an excerpt of the portion that relates to their benefits only, and play chicken with them as to whether they want to pursue legal action to force me to reveal the full text of the trust. But it'd be nice if there was an easier way. Thoughts?
This was good info – my brother is the beneficiary of my fathers Trust, my sister is the Trustee, my sister had this Trust drafted by a paralegal in 2018 and according to the terms of the trust it states that she "shall sell any assets and property of the trust to pay off any and debt of the Trustor and then distribute 100% of the proceeds to said beneficiary" my brother. However my brother has lived in the property with my father for over 33 years and does not want to sell and wants to be gifted the home. Which was our fathers intention, also my dad had no debt that would require my sister to sell the home, there is a small mortgage and the bank has qualified my brother to assume the loan, but my sister refuses. She has also been the one accruing all the debt with attorney fees and selling my fathers car for less than FMV to accumulate additional debt. Not to mention she used and abused her POA to change beneficiaries from my brothers name to her name on an annuity my dad had while he was ill in the hospital and lied about it. Hoping the proof of her lying about the annuity money is enough to get her removed.
Thank you, Paul… Your videos are the best !!!!
After my nightmare of having my inheritance stolen by a sibling Trustee… ALWAYS APPOINT TWO TRUSTEES & TRUST NO ONE, BENEFICIARIES!!!
What if you don't know who the trustee is and haven't been able to figure it out
Hello. I am helpingy friend get info on her trust account. She is mentally slow. She has a car, drives and lives alone. Civilized?
She and her sister are beneficiary's. Her cousin became her trustee. She thought another cousin was her sisters trustee. Looks like they merged early on and bought all my friends property. They bullied her and bought a cheap house (not in her name!) And left her alone. They send her 700 per month but makes her wait 3 to 4 months to send it. We can't get a return call back
She's never been able to contact her trustee. Who lives in a million dollar home. All of them do
I want a report of this account to see what they've done
Is that fair for me to ask
.I don't have power of attorney but she would give it me
What is the difference between a revocable and irrevocable trust?
I am beneficiary of my dads house he is still in nursing home but I am living at the house free rent and my brother is trustee not yet but my dad is still alive now he lies about eerything and wont tell me anything, he is trying hard to get me to move out, but I wont because he lied, should I move out or stay,
Is the person mentioned alive are both parties in active status to bring closure to one so the other is not disrespected you stand in place of the beneficiarys assigned to close agreement to make the person not in breech of there agreement eternal trust is gods trust
Question If 2 people are on a home deed GRANDMA and Grandson And Grandma dies But grandma dies and has 2 benefeciries Do those 2 benefecries become 3 part owner on house with grandson ? IN GEORGIA IM GOING THRU A NIGHTMARE HERE
I'm the beneficiary of my God fathers trust.His attorney(?)is the administrator but he has not contacted me and he passed in Sept.2021 . What should I do please help
Thank you again so much. We are working on having our Trustees suspended this week, and removed as soon as possible. I appreciate your comment about them being in over their head. In my first comment to the lawyer we hired to clear this up I said, "We believe this was not done maliciously, just incorrectly and our object to simply to correct those errors." Unfortunately, it still went south, and rather than attacking the Executor of the Will (me) (and sister to the beneficiary), they have begun a personal attack (complete with being accused of stealing jewelry during the Estate inventory). Not a pleasant experience.
My bank checking and savings accounts are in a Totten (POD) trust with a beneficiary. But I would like to keep the details of my bank accounts secret from that beneficiary when I die–I don't want the account and all its deposit and spending history just turned over to my beneficiary with the money. That knowledge would cause severely painful (nothing illegal) negative consequences to my beneficiary's life-long emotional state. But my "personal representative" (as MA calls it)–who is not necessarily the same person as my beneficiary–is responsible for filing my final year's income tax returns, so someone needs my income information. I don't object to a tax preparer having the necessary access to my bank accounts and other essential data. Still, I want that data and my tax return to be kept from my beneficiary. Will (say) an attorney be willing and allowed to do this?
Is there anyway that I could have a trust that I don’t know about somehow my grandfather passed when I was 8 yo and my mom is shady
Hello, my sister is the trustee for my mother's trust, EXACTLY what you just said on this explaination, she has no idea what she is doing, I spent hours of watching your videos. You have shown me so much. Here's my question; she is trying to tell me that my cousin is the trustee if she dies, that's fine. In one of your videos, you mentioned that it takes 2 people in order for my mother to even open a trust. My mother split a $200,000 annuity also, that went as planned… $100,000 apiece, I chose to have direct deposit to my checking account and have received the first $1,000 because I opted to take the 10 year, once a month deposit. I was at that lawyer with her. Here's the problem, even "victim of poa is my user name ONLY because for years I was told she was the power of attorney. Well, she isn't, she is the trustee (I learned that from your excellent information) I hope you respond to this…am I a beneficiary to this trust? I think she's abusing her position. We are selling the house my mother bought. The price is $349k, she is trying to tell me that half of that is mine, and THAT'S IT
she sent 3 pages of about 20 after I had to keep telling her that I wanted a copy. I received it today after 75 days! My cousin is not in the trust, but was made to take over as trustee by my sister if she dies. So, I only am asking for assurance,
Am I a beneficiary? I believe I am, is that the correct assumption? My mother did not put me as just getting the annuity and half the house, so from all your videos I assume I definitely am, but I need reassuring because, she is trying to pull a fast one here. When you reply, I'm going straight to get a lawyer and why would she only send 3 out of 20 pages 75 days after my mother's passing? She is trying to play me, correct?