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Published byPolly Price Modified over 9 years ago
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Purpose = Allow beneficiary to obtain information to see if trustee is breaching duties. Some states require annual accountings even without request or court order.
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1. Beneficiary -- § 113.151(a) Written demand to trustee.
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1. Beneficiary -- § 113.151(a) Written demand to trustee. Trustee must provide accounting within 90 days.
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1. Beneficiary -- § 113.151(a) Written demand to trustee. Trustee must provide accounting within 90 days. If trustee does not, any beneficiary may sue.
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1. Beneficiary -- § 113.151(a) Written demand to trustee. Trustee must provide accounting within 90 days. If trustee does not, any beneficiary may sue. Court may award beneficiary’s attorney fees and court costs against trust or trustee personally.
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1. Beneficiary -- § 113.151(a) Written demand to trustee. Trustee must provide accounting within 90 days. If trustee does not, any beneficiary may sue. Court may award beneficiary’s attorney fees and court costs against trust or trustee personally. Only one accounting per 12 months unless court orders more.
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2. Interested Person -- § 113.151(b) File suit. Court will order accounting if it finds the interested person’s interest warrants an accounting.
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1. All new trust property not previously accounted for.
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2. Account of all: Receipts Disbursements Other transactions Source and nature of each Show income and principal separately
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3. List and description of all trust property.
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4. Cash balance on hand and where kept.
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5. All known liabilities
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1. Settlor may require accountings at a stated time, interval, or event.
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2. Total waiver of accountings not allowed Against public policy Without accountings, beneficiaries unable to ascertain if trustee in breach
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3. Limitations allowed under § 111.0035(b)(4)(A): Trust is revocable Beneficiary of irrevocable trust is remote: ▪ Not entitled to current distribution. ▪ Not entitled to distribution if trust ended now.
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1. Keep trust records in accounting form from Day 1. 2. Render regular accountings even if not asked. 3. Respond to accounting requests promptly.
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