Must all named beneficiaries be notified, no matter what the distribution of property is (or will be)? 5 Answers as of April 03, 2015

Upon the settler's death (living trust, now irrevocable), does a residuary or remainder beneficiary have the same right to be notified about the existence of the trust as a specific beneficiary, even though no property was left to pass on to the remainder beneficiary?

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Patrick W. Currin, Attorney at Law | Patrick Currin
Notify anyone who might possibly get a distribution.
Answer Applies to: California
Replied: 4/3/2015
James Law Group
James Law Group | Christine James
Yes, all beneficiaries and heirs at law should be notified.
Answer Applies to: California
Replied: 4/3/2015
WFB Legal Consulting, Inc.
WFB Legal Consulting, Inc. | William F. Bernard
The trust instrument itself often controls the say of a beneficiary in the management of trust property, but all beneficiaries have some rights under state trust laws. Although the beneficiary of a trust may request that the trustee manage property in a certain way, trustees have a fiduciary duty to preserve the trust as instructed by the settler. Mismanagement of trust funds, even at the request of a beneficiary may be considered a breach of fiduciary duty and subject a trustee to liability, especially in the case of multiple beneficiaries. There are certain rights guaranteed to trust beneficiaries under state law: - The right to be informed of the existence of a trust and your beneficial rights under that trust upon it becoming irrevocable. - The rights to be informed of the property composing the trust and to inspect the trust instrument upon it becoming irrevocable. - The right to a periodic accounting of trust assets. Most states required at least a bi-annual accounting. *Periodic Accounting* - The trustee must usually provide an accounting to the beneficiaries at least one time every year. Circumstances may require more frequent notices, however, such as if a new trustee takes over. The trustee must deliver one final accounting notice after all of the instructions within the trust have been carried out. An accounting is not required if the trust beneficiaries waive their right to receive a periodic accounting, or if the trust document expressly states that the trustee is not required to provide accounting. A beneficiary who waives her right to receive an accounting is free to change her mind at any time.
Answer Applies to: California
Replied: 4/3/2015
Law Office Of Victor Waid
Law Office Of Victor Waid | Victor Waid
Without viewing the documents as to which position you hold in the trust, I advise you to obtain trust attorney representation, whether you are the trustee or beneficiary. An ounce of prevention is cheaper than a pound of cure.
Answer Applies to: California
Replied: 4/2/2015
Law Ofices of Edwin K. Niles | Edwin K. Niles
Yes, notice should be given to ALL interested parties. This starts the clock for claims, so if you fail to give notice the beneficiary could show up later with a claim, after you have closed the administration.
Answer Applies to: California
Replied: 4/2/2015
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