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Does a trustee have to provide the beneficiaries with an accounting statement that describes how assets were distributed?
Anonymous3 views3 answers
Does a trustee have to provide the beneficiaries with an accounting statement that describes how and in what manner assets were distributed? I understand that the trustee cannot share information about one beneficiary with another.
Generally, a trustee DOES need to account to the beneficiaries. You are right that a trustee is only required to provide information to the beneficiary about what they are receiving. Often, if the amounts are equal, there is no problem in divulging this, and it sometimes helps to keep the peace. There are ways, however, to account to the beneficiaries without revealing who got what, exactly. The trustee would at least need to do this.
James Frederick
Depends how trust is written and if it's revocable or irrevocable trust. Trustee is acting on Beneficiary's behalf and has to account on where the money are going.
Trust accounting is normally controlled by the terms of the trust itself.
Trustee is considered a fiduciary so that the laws concerning such persons
are stricter with respect to investments than what you can do with your own investments.
Certain trusts are required to comply with statutes that relate to accountings.
For example, a custodial trustee under Wisconsin Law must comply with section 54.978 of the Wisconsin statutes that mandates written statements describing the custodial trust property at certain times.
