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What is an executor's responsibility to heirs?

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susan.mills2

Junior Member
What is the name of your state (only U.S. law)? Arizona
The terms of my father's irrevocable trust named my younger brother executor, and allowed my two brothers to receive their inheritances as soon as the estate was settled. I, on the other hand, received a lump sum when the estate was settled and $1000 per month for 10 years; the remainder of the estate is in investments for those 10 years. I would like to know where the money is invested, the amount, and whether the money in trust has been affected by recent Wall Street activity. My brother refuses to provide that information. Does he have a legal responsibility to keep me apprised of the state of the investments? I am 59-years-old.
 


anteater

Senior Member
Arizona law provides that the trustee provide the beneficiary with an annual accounting:
14-7303. Duty to inform and account to beneficiaries

The trustee shall keep the beneficiaries of the trust reasonably informed of the trust and its administration. In addition:

1. Within thirty days after his acceptance of the trust, the trustee shall inform in writing the beneficiaries currently entitled to receive income, of the trustee's name and address.

2. Upon reasonable request, the trustee shall provide the beneficiary with a copy of the terms of the trust which describe or affect his interest and with relevant information about the assets of the trust and the particulars relating to the administration.

3. Upon reasonable request, a beneficiary is entitled to a statement of the accounts of the trust annually and on termination of the trust or change of the trustee.
A "reasonable request" citing that statute might shake an accounting loose.

But. if that does not work, getting a hired gun (attorney) to make the request might work. And, if the attorney's request does not work, it is off to the courthouse to compel an accounting.

However, be reasonable. Asking for an accounting with every financial market blip up or down is not reasonable.

(By the way, an executor administers a probate estate. A trustee administers a trust.)
 
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