Rights of Trust Beneficiaries
Most of the inquiries we receive as it relates to representing beneficiaries have to do with what a beneficiary's rights are. We have summarized the primary ones below. This is not an exhaustive list, and should not be considered legal advice. Thus, if you feel like any of these or any other rights are being violated, you should contact us to discuss the feasibility of exercising these rights.
- You have the right to a true, complete and final copy of the trust, any written amendments, and any written instructions that effect distribution of trust assets.
- Within a certain period of time, you have the right to contest the validity of the trust, and any of its provisions or amendments.
- You have the right to be reasonably informed about the trust and its administration. Upon reasonable request, you are entitled to a report of information about assets, liabilities, receipts and disbursements of the trust, the acts of the Trustee, and the particulars relating to the trust that are relevant to your interest.
- You have the right to an accounting. The accounting must include the Trustee’s written statement of receipts, disbursements, the nature and value of assets and liabilities, the Trustee’s compensation, the names of the agents hired by the Trustee, their relationship to the Trustee and their compensation.
- You have the right to object to an accounting, and to seek judicial review and approval of any accounting you receive.
- You have the right to compel a Trustee to administer the trust according to its terms, avoid conflicts of interest, avoid self-dealing, and to secure and make trust property productive.
- You have the right to be treated fairly and impartially by the Trustee
- If the Trustee violates your rights as a beneficiary, you have the right to ask a Judge to suspend the Trustee of his/her powers or remove him/her and appoint a successor Trustee, or both.
- If the Trustee misappropriates, wrongfully transfers, takes, secrets, or otherwise mismanages or wastes trust assets, you have the right to seek legal remedies against the Trustee, personally, and if the Trustee is bonded, against the bond company as well.
- You have the right to receive timely distributions from the trust without the contingency of signing any documents.