75-7-811 - Duty to inform and report.
75-7-811. Duty to inform and report.
(1) Except to the extent the terms of the trust provide otherwise, a trustee shall keep thequalified beneficiaries of the trust reasonably informed about the administration of the trust andof the material facts necessary for them to protect their interests. Unless unreasonable under thecircumstances, and unless otherwise provided by the terms of the trust a trustee shall promptlyrespond to a qualified beneficiary's request for information related to the administration of thetrust.
(2) Except to the extent the terms of the trust provide otherwise, a trustee:
(a) upon request of a qualified beneficiary, shall promptly furnish to the beneficiary acopy of the portions of the trust instrument which describe or affect the beneficiary's interest;
(b) within 60 days after accepting a trusteeship, shall notify the qualified beneficiaries ofthe acceptance and of the trustee's name, address, and telephone number;
(c) within 60 days after the date the trustee acquires knowledge of the creation of anirrevocable trust, or the date the trustee acquires knowledge that a formerly revocable trust hasbecome irrevocable, whether by the death of the settlor or otherwise, shall notify the qualifiedbeneficiaries of the trust's existence, of the identity of the settlor or settlors, of the right to requesta copy of the trust instrument, and of the right to a trustee's report as provided in Subsection (3);and
(d) shall notify the qualified beneficiaries in advance of any change in the method or rateof the trustee's compensation.
(3) A trustee shall send to the qualified beneficiaries who request it, at least annually andat the termination of the trust, a report of the trust property, liabilities, receipts, anddisbursements, including the amount of the trustee's compensation or a fee schedule or otherwriting showing how the trustee's compensation was determined, a listing of the trust assets and,if feasible, their respective market values. Upon a vacancy in a trusteeship, unless a cotrusteeremains in office, a report must be sent to the qualified beneficiaries by the former trustee, unlessthe terms of the trust provide otherwise. A personal representative, conservator, or guardian maysend the qualified beneficiaries a report on behalf of a deceased or incapacitated trustee.
(4) A qualified beneficiary may waive the right to a trustee's report or other informationotherwise required to be furnished under this section. A beneficiary, with respect to futurereports and other information, may withdraw a waiver previously given.
Enacted by Chapter 89, 2004 General Session