What is a beneficiary entitled to know?

[imwildfire]

What is the name of your state?CA

I live in another state, however my mother died a week ago in CA and I am one of five children and we are all the beneficiaries of her living trust. All of her property is located in CA. Two of my siblings were designated as successor trustees. The day after she died, we were all told that the attorney that drew the trust was sending out copies of the trust to each of us. I have still not received a copy. I requested a copy again and was told a copy will now will sent to all of us tomorrow. (Wednesday). Myself and one other sibling would also like to know what the assets of the estate are as of the date of death and the two siblings that are trustees are not forthcoming. They have apparently gone over the figures with the only other sibling that is not a trustee, but don't want to share the information with us. We're not asking for a day to day record, just what the figures are on the date of death. We're puzzled why this is such a secret? Are we all entitled to know this now? They also don't want to use an attorney and think they can settle this estate on their own even though they've never done this before. We feel an attorney's advice is essential to getting this job done correctly and in compliance with the law. Is there any way we can help push them in that direction? They don't want to spend the money and I feel this would be money well spent.

Thank you.

 

[Dandy Don]

You have a choice--send the trustee a certified letter now requesting a copy of the trust and an accounting statement for the trust, or give the trustee time to get this information prepared and hope that they will send it to you without you asking.

You can suggest that it would be wise for the trustee to at least consult with a trust attorney if there are questions about any aspect of the trust administration, but if they won't hire one, then there is not much you can do. Be sure to have any information you receive double-checked by a trust attorney or an accountant (and also request a copy of the trust tax return), because the secrecy could be a red flag that they may be trying to steal from the trust.

After you get a copy of the trust, see if it requires or exempts the trustee from being required to purchase a trustee bond. You(or your attorney) should probably request that a trustee bond be obtained by the trustee to protect the financial interest of the beneficiaries in the event that theft occurs.


DANDY DON IN OKLAHOMA ([email protected])

 

[seniorjudge]

What is the name of your state?CA

I live in another state, however my mother died a week ago in CA and I am one of five children and we are all the beneficiaries of her living trust. All of her property is located in CA. Two of my siblings were designated as successor trustees. The day after she died, we were all told that the attorney that drew the trust was sending out copies of the trust to each of us. I have still not received a copy. I requested a copy again and was told a copy will now will sent to all of us tomorrow. (Wednesday). Myself and one other sibling would also like to know what the assets of the estate are as of the date of death and the two siblings that are trustees are not forthcoming. They have apparently gone over the figures with the only other sibling that is not a trustee, but don't want to share the information with us. We're not asking for a day to day record, just what the figures are on the date of death. We're puzzled why this is such a secret? Are we all entitled to know this now? They also don't want to use an attorney and think they can settle this estate on their own even though they've never done this before. We feel an attorney's advice is essential to getting this job done correctly and in compliance with the law. Is there any way we can help push them in that direction? They don't want to spend the money and I feel this would be money well spent.

Thank you.

Trustees are fiduciaries and owe a strict duty to beneficiaries. If you can't get the info from the trustees, you will have to sue them for an accounting.