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Many beneficiaries are not aware of their trust beneficiary rights. Read on to learn what they are.
1.) The right to a true, complete and final copy of the trust, any written amendments thereto, and any written instructions that effect distribution of trust assets.
2.) The right to contest the validity of a questionable trust, and any of its provisions or amendments (Note: To exercise this right, act fast and with diligence as statute of limitation issues and no-contest clauses require special strategies.).
3.) The right to be reasonably informed about the trust and its administration. Upon reasonable request, you are entitled to a report of information about assets, liabilities, receipts and disbursements of the trust, the acts of the Trustee, and the particulars relating to the trust that are relevant to your interest.
4.) The right to an accounting. The accounting must include the Trustee’s written statement of receipts, disbursements, the nature and value of assets and liabilities, the Trustee’s compensation, the names of the agents hired by the Trustee, their relationship to the Trustee and their compensation.
5.) The right to object to an accounting, and to seek judicial review and approval of any accounting you receive.
6.) The right to compel a Trustee to: administer the trust according to its terms, avoid conflicts of interest, avoid self-dealing, and to secure and make trust property productive.
7.) The right to receive fair and impartial treatment from the Trustee.
8.) If a Trustee violates your rights as a beneficiary, you have the right to ask a Judge to suspend the Trustee’s powers or replace him or her with a successor Trustee.
9.) If the Trustee misappropriates, wrongfully transfers, takes, hides, mismanages or wastes trust assets, you have the right to seek legal remedies against the Trustee personally and the bond company to which the Trustee is bonded.
10.) You have the right to receive timely distributions from the trust without signing any documents.