1 / 5

Duty to Inform Beneficiaries

Learn about the historical development of a trustee's duties to inform beneficiaries from before 2006 to present day. Explore changes in disclosure requirements and when common law duties are restored or may be limited.

cathal
Télécharger la présentation

Duty to Inform Beneficiaries

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Duty to Inform Beneficiaries

  2. Development of Duty • 1. Before January 1, 2006 • Trustee had a common law duty to disclose: • Upon beneficiary’s request. • Trustee about to take a material unusual action.

  3. Development of Duty • 2. January 1, 2006 to June 15, 2007 • Former § 113.060 imposed on the trustee a duty to keep beneficiaries reasonably informed of: • Trust administration, and • Material facts necessary for beneficiaries to protect their interests. • Problems with this duty?

  4. Development of Duty • 3. Beginning June 15, 2007 • Statutory duty repealed • Common law duty restored.

  5. Development of Duty • 3. Beginning June 15, 2007 • When settlor may limit common law duty under § 111.0035(c): • Trust is revocable, or • Beneficiary is under age 25, or • Beneficiary is not eligible for (1) current distribution or (2) distribution if trust were to terminate now.

More Related