Reporting and Disclosure Rules

Question 1

Default rules

Answer 1

1) Keep qualified beneficiares reasonably informed about trust administration

2) Respond promptly to requests from beneficiares for information regarding administration matters

3) promptly furnish a copy of the trust instrument upon the beneficiary’s request; and

4) notify qualified beneficiares of any change in the trustee’s compensation

Question 2

Default rules for irrevocable trusts

Answer 2

1) Within 60 days of accepting trusteeship, give notice to qualified beneficiares of acceptance and contract info

2) Within 60 days notify qualified beneficiaries of the trust’s existence, the identify of the settlor and right to receive annual reports

3) Trustee must give reports of distributions, assets, and liabilities to beneficiares

Question 3

Waiver

Answer 3

A beneficiary may waive the right to a trustee’s report or to any other information required to be furnished