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testmentary trust - beneficiary rights

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S

SER

Guest
My daughter & I are beneficiaries of a testamentary trust. We have been unsuccessful in receiving statements from the investment firm and have been told that we have no right to these. Is this correct?
My second question is regarding distribution - the will states that income from the trust shall be distributed from "time to time". We received distribution in year one, and have tried to get information regarding a distribution for the current year, especially since taxes need to be paid on the income- do we have any legal right to address this matter? The trustee is noncommunicative.
 


T

TaxGuy4U

Guest
Trustees have a duty to communicate and provide financial accountings to beneficiaries. That having been said, read the trust carefully and find out what the settlor actually provided. If the trustee has "discretion" to make ditsributions from time-to-time to you and your daughter, you probably do not have a fixed right to ongoing payments.

If, after reading the trust, you determine the trustee is not acting in accordance with the trust provisions, you can file a motion in court to have the trustee removed.

 

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