§ 813. Duty to inform and report
(a) A trustee shall keep the qualified beneficiaries of the trust reasonably informed
about the administration of the trust and of the material facts necessary for them
to protect their interests. Unless unreasonable under the circumstances, a trustee
shall promptly respond to a beneficiary’s request for information related to the administration
of the trust. Notice does not need to be provided to the Attorney General by the trustee
of a charitable trust under this section except upon request by the Attorney General
or as provided in subsection (f) of this section.
(b) A trustee:
(1) upon request of a beneficiary, shall promptly furnish to the beneficiary a copy of
the trust instrument;
(2) within 60 days after accepting a trusteeship, shall notify the qualified beneficiaries
of the acceptance and of the trustee’s name, address, and telephone number;
(3) within 60 days after the date the trustee acquires knowledge of the creation of an
irrevocable trust, or the date the trustee acquires knowledge that a formerly revocable
trust has become irrevocable, whether by the death of the settlor or otherwise, shall
notify the qualified beneficiaries of the trust’s existence, of the identity of the
settlor or settlors, of the right to request a copy of the trust instrument, and of
the right to a trustee’s report as provided in subsection (c) of this section; and
(4) shall notify the qualified beneficiaries in advance of any change in the method or
rate of the trustee’s compensation.
(c) A trustee shall send to the distributees or permissible distributees of trust income
or principal, and to other beneficiaries who request it, at least annually and at
the termination of the trust, a report of the trust property, liabilities, receipts,
and disbursements, including the source and amount of the trustee’s compensation,
a listing of the trust assets, and, if feasible, their respective market values. Upon
a vacancy in a trusteeship, unless a cotrustee remains in office, a report must be
sent to the qualified beneficiaries by the former trustee. A personal representative
may send the qualified beneficiaries a report on behalf of a deceased trustee, and
a guardian or a duly authorized agent under a power of attorney may send the qualified
beneficiaries a report on behalf of an incapacitated trustee.
(d) A beneficiary may waive the right to a trustee’s report or other information otherwise
required to be furnished under this section. A beneficiary, with respect to future
reports and other information, may withdraw a waiver previously given.
(e) Subdivisions (b)(2) and (3) of this section do not apply to a trustee who accepts
a trusteeship before the effective date of this title, to an irrevocable trust created
before the effective date of this title, or to a revocable trust that becomes irrevocable
before the effective date of this title.
(f)(1) A person seeking relief regarding a charitable trust under this subsection shall notify
the Attorney General upon filing a petition to:
(A) select a charitable purpose or charitable beneficiary as provided in subsection 405(b) of this title;
(B) enforce a charitable trust as provided in subsection 405(c) of this title;
(C) remove or replace a trustee of a charitable trust as provided in section 706 of this title; or
(D) remedy a breach of trust as provided in section 1001 of this title.
(2) Notice does not have to be given under this subsection if the trustee reasonably believes
that the assets of the trust are less than $10,000.00. (Added 2009, No. 20, § 1.)