If you become appointed as a trustee or designated as a trust beneficiary, it is essential to understand that trustees must keep beneficiaries informed with respect to trust administration. It is very important for trustees to recognize their obligations in order to avoid repercussions, and it is also vital for beneficiaries to make sure that the trustee respects their rights.
In the wake of a family member’s death, families often face a number of challenges, including emotional pain and uncertainty regarding various facets of estate administration. Make sure you go over your options and the estate administration process carefully.
Looking at a trustee’s duty to inform
According to the General Court of the Commonwealth of Massachusetts, trustees have the duty to make sure that qualified beneficiaries stay informed with regard to trust administration. Moreover, trustees also have to reply to a beneficiary’s request for information regarding trust administration.
Trustees have to inform beneficiaries about their name and address, via first-class mail. They also have the responsibility of informing distributees about trust income on an annual basis and when the trust becomes terminated.
Going over other trustee duties
In addition to reporting to beneficiaries, trustees have many other responsibilities. For example, trustees have to manage the distribution of assets, handle tax-related matters and make various decisions regarding the provisions of the trust. If you feel overwhelmed or confused about your duties as a trustee, or if you feel that the trustee is not respecting your rights as a beneficiary, you need to immediately take action and address any areas of uncertainty you have.