Question about heir to A/B trust

What is the name of your state (only U.S. law)? CA

I am an heir to an A/B trust in which daddy died already. I understand how it works, but was wondering what my rights are (if any). Can I get at least an accounting of the trust? Or...?

Trust was drawn up in CA.

people fail to realize, but most of what you can or can not do, is actually determined by the language in the trust document, itself.

typically, in an ab trust, the surviving spouse receives all the income from the "deceased trust" portion (dt). and then can receive monies from it for all normal living expenses. and on top of that , can receive a small percentage of it ?

the heirs, typically the children, dont actually receive anything until the surviving spouse dies.

but the heirs to the dt portion are locked in when the first spouse dies. how much remains is another question.

there is also variations on how the a and b trusts are funded - how much for each and which assets.

but i do not think that you have an automatic right to see the trust document, simply because you are the heir to the dt portion. (while the surviving spouse is alive, of course).

TrustUser said:

people fail to realize, but most of what you can or can not do, is actually determined by the language in the trust document, itself.

typically, in an ab trust, the surviving spouse receives all the income from the "deceased trust" portion (dt). and then can receive monies from it for all normal living expenses. and on top of that , can receive a small percentage of it ?

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The surving spouse gets A trust, B side is for heirs thats what I understand.

TrustUser said:

the heirs, typically the children, dont actually receive anything until the surviving spouse dies.

but the heirs to the dt portion are locked in when the first spouse dies. how much remains is another question.

Click to expand...

Right. I understand that.

TrustUser said:

there is also variations on how the a and b trusts are funded - how much for each and which assets.

but i do not think that you have an automatic right to see the trust document, simply because you are the heir to the dt portion. (while the surviving spouse is alive, of course).

Click to expand...

Thats what I was wondering. Im thinking I dont have any rights whatsoever. I have a copy of the trust, although it's only for the B side, and it doesnt give any monetary values. My brother and I have estimated B side at about 10 million based on some pretty reliable info (hard info), some of it by accident.

Assuming the B trust is irrevocable, I respectfully disagree with the last part of trustuser's reply. The trust probably has a section about whether the trustee has the duty to account currently, but even if he or she does not, this does not mean that he or she does not have to account ever. Look at Probate Code Section 16060 and following for more.

hi tecate,

here is the sections that you referred to.

CA Codes (prob:16060-16064)

i just scanned thru it, but it does indeed look like the trustee does have responsibility to report to the beneficiaries of the irrevocable portion, unless the trust document says otherwise.

thanks for the correction.

But the OP wanted to know what his or her "rights" are. The trustee will probably want to report anyway, because the statute of limitations to sue a trustee for a bad act does not begin to run unless the trustee adequately discloses that act to the particular beneficiary. And disclosing it to one beneficiary doesn't mean it is disclosed to others. So if the trustee does nothing, even if relying on the trust language, the statute of limitations never runs on acts that haven't been adequately disclosed. And in this case, if the OP discovers (or should have discovered) something years afterwards, his or her "right" to sue is preserved.

OP, don't sit on your rights. Be very curious about the trust, and if you want, ask for an accounting. If the trustee refuses, ask a judge to issue an order.

another good example of why the trust document should be complete. accounting by the trustee is just one of many topics that should be discussed.

i dont think most married couples want to force the survivor to report to their kids about the irrevocable portion of the trust.

in my document, i specifically talk about the obligations of the "successor trustees" in reporting to the beneficiaries.

again, one can choose most things about how they want their finances handled, in the trust document.

Thanks for the responses everyone. I will request an accounting of the irrevocable portion. As I understand it, it will be the B, or heir, side.

Thanks again.