The following is my answer to a Quora
question: “What
options are available to a revocable trust beneficiary to compel a trustee to
provide required reports and accounting information on the trust’s financial
status?”
The beneficiaries of the trust are the
actual equitable owners of the trust and its assets. The trustees are managers of the trust. As such, the trustees are required, by law, to
fulfill their fiduciary duties and provide regular reports on the state of the
trust and its assets. The beneficiaries
have the right to question the trustees on their work, including asset
management, compensation, and anything pertaining to the management of the
trust. In the event that the trustees
fail to fulfill their duties, the beneficiaries may report to the trustees’
office, and take out a court order compelling the trustees to report on the
status of the trust and its assets, and if need, be have them replaced.
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