Beneficiary Rights?

[whatusi]

What is the name of your state? Mississippi

My husband has multiple trusts listing him as the beneficiary with an aunt as the trustee. These trusts have never been talked about and are very hush hush about how they are set up. Does he have the right to know how these are set up, amount and what and if the trustee is being paid for her services out of the trust? He is in his late 30's and of sound mind.

 

[Betty]

What is the name of your state? Mississippi

My husband has multiple trusts listing him as the beneficiary with an aunt as the trustee. These trusts have never been talked about and are very hush hush about how they are set up. Does he have the right to know how these are set up, amount and what and if the trustee is being paid for her services out of the trust? He is in his late 30's and of sound mind.

Who set up the trusts & named your husband beneficiary & aunt as trustee? How old was he when they were set up? Your husband (being an adult) has the right to & should have received copies of the trust agreements or at least relevant parts of them from the trustee. He needs to know how/when the income is to be payable, what the trustee's powers are, what his rights are as bene, etc. Does your husband happen to know the law firm that prepared the trusts?

 

[BlondiePB]

What is the name of your state? Mississippi

My husband has multiple trusts listing him as the beneficiary with an aunt as the trustee. These trusts have never been talked about and are very hush hush about how they are set up. Does he have the right to know how these are set up, amount and what and if the trustee is being paid for her services out of the trust? He is in his late 30's and of sound mind.

Is the settlor still alive?

 

[Dandy Don]

He has no rights to that information while the settlor is still alive, unless the settlor decides on her own that she wants him to know about it.

 

[Betty]

All my references say the bene should know what is in the trust for the reasons I indicated + the bene should know if there are any other parties involved & purpose of trust. (It is best actually that all of this is known before settlor's death - the bene may require some clarification of the trust's purpose.) I'm not saying it's a law but all people involved should know what is contained in the trust. If the settlor is deceased, he should definitely get a copy of the trust.

 

[BlondiePB]

All my references say the bene should know what is in the trust for the reasons I indicated + the bene should know if there are any other parties involved & purpose of trust. (It is best actually that all of this is known before settlor's death - the bene may require some clarification of the trust's purpose.) I'm not saying it's a law but all people involved should know what is contained in the trust. If the settlor is deceased, he should definitely get a copy of the trust.

I agree with DD. Just think if the beneficiary is also the medical POA of an alive settlor and made decisions that ends the life of the settlor prematurely.

 

[Betty]

I agree with DD. Just think if the beneficiary is also the medical POA of an alive settlor and made decisions that ends the life of the settlor prematurely.

I hear you & see your point - I was just saying my references say it is best for all parties to know what is in trust while settlor is still alive. I actually know people who haven given copies of trusts/wills to the beneficiaries while the person was still alive. The people in my will & in a trust that I had set up have a copy of them which I gave them. The same people know of & have a copy of my living will (med. POA). I guess it's according to how much you trust your family, etc. I definitely believe if the settlor is deceased, the bene should know exactly what is in the trust.

 

[Dandy Don]

If it's NOT in the law, then it doesn't hardly mean very much.

 

[Betty]

If it's NOT in the law, then it doesn't hardly mean very much.

It might to the bene's but legally no.

edited to add: OP, you still haven't let us know if settlor is still living.

 

[BlondiePB]

It might to the bene's but legally no.

edited to add: OP, you still haven't let us know if settlor is still living.

Sometimes it takes a few days or more for the OP to come back. BTW, DD and I are not disputing the rights of trust beneficiaries (i.e. copy of trust, etc.) when the settlor has passed.

 

[whatusi]

The settlor is still alive. We have talked to an attorney and was told that in the state of Mississippi the beneficiary (adult and of sound mind) by law has the right to a copy of the trust agreement and to an accounting of all transactions. My husband has requested these items.
How much say does the settlor have in a trust?

He also has company stock that the aunt is trustee over.

 

[colourfastt]

The settlor is still alive. We have talked to an attorney and was told that in the state of Mississippi the beneficiary (adult and of sound mind) by law has the right to a copy of the trust agreement and to an accounting of all transactions. My husband has requested these items.
How much say does the settlor have in a trust?

He also has company stock that the aunt is trustee over.

If the said trusts are 'inter vivos' trusts (also known as grantor's trusts), then your husband is not a beneficiary until the trustor dies, and is not entitled to a copy of the trusts or an accounting.

 

[seniorjudge]

Q: How much say does the settlor have in a trust?

A: Generally 100%.