58a-813. Duty to inform and report.
58a-813
58a-813. Duty to inform and report.(a) As provided in this section, a trustee shall keep the qualifiedbeneficiaries reasonably informed about theadministration of the trust and of the material facts necessary for them toprotect their interests. Unless unreasonable under the circumstances, a trusteeshall promptly respond to a qualified beneficiary's request for informationrelated to the administrationof the trust.
(b) Except as otherwise provided under the terms of the trust, atrustee shall:
(1) Upon request of a qualified beneficiary, promptly furnish to thequalified beneficiarya copy of the portions of the trust instrumentrelating to the interest of the qualified beneficiary, or a copy of thetrust instrument if specifically so requested by the qualified beneficiary;
(2) within 60 days after accepting a trusteeship, notify thequalifiedbeneficiaries of the acceptance andof the trustee's name, address, and telephone number;
(3) within 60 days after the date the trustee acquires knowledge of thecreation of an irrevocable trust, or the date the trustee acquires knowledgethat a formerly revocable trust has become irrevocable, whether by the death ofthe settlor or otherwise, notify the qualified beneficiariesof the trust's existence, of the identityofthe settlor or settlors, of the right to request a copy of relevant portionsof the trust instrumentand of the right to a trustee's report as provided in subsection (c);
(4) notify the qualified beneficiaries in advance of any change in themethodor rate of thetrustee's compensation; and
(5) At least annually, send a trust report for the trust's most recent fiscalyear to each qualified beneficiary who actually received a distribution duringsuch fiscal year, except a beneficiary who received a specific bequest. Thetrustee shall also send a trust report to any additionalqualified beneficiary who would have been eligible to receive a distributionduring the fiscal year and who requests a copy of the trust report. The trustreport shall include a list of the trust assets, and, if feasible, theirmarket values; liabilities, receipts and disbursements; the source and amountof the trustee's compensation; and if requested, the trust's investment rate ofreturn and whether the method for calculating the rate complies with standardsestablished by theassociation of investment management and research (AIMR). Upon a vacancy in atrusteeship, unless a cotrustee remains in office, a trust report must be sentto the qualified beneficiaries by the former trustee. A personalrepresentative, conservator, or guardian may send the qualified beneficiaries atrust report on behalf of a deceased or incapacitated trustee.
(c) A qualified beneficiary maywaive theright to a trustee's report or other information otherwise required to befurnished under this section. A qualified beneficiary, with respect to futurereports and other information, maywithdrawa waiver previously given.
(d) The provisions of this section are inapplicable toqualified beneficiaries other than asurviving spouse so long as the surviving spouse is a qualifiedbeneficiary ofthe trust, or holds any power ofappointment over the entire trust estate, and whereall other qualified beneficiaries are the issueof the surviving spouse.
(e) At the termination of a trust, the trustee shall send a trust reportto each qualified beneficiary who is entitled to receive a distributionfrom the trust, except a beneficiary who received a specific bequest. Suchtrust report shall include the information required bysubsection (b)(5), except information relating to receipts and disbursementsneed only be prepared for the period from the date of the event that caused thetermination of the trust.
History: L. 2002, ch. 133, § 70;L. 2004, ch. 158, § 13;L. 2006, ch. 23, § 12; July 1.