Trustees must respond to reasonable information requests, provide notice of the trust's existence to qualified beneficiaries, and furnish periodic accountings. The Uniform Trust Code sets minimum requirements.
Some provisions may be waived by trust terms.
Alternative Names:
Duty to Account|Information Duty
Why it Matters?
Failure to provide required notice delays the running of limitations on breach claims, since statutes commonly run from the date a beneficiary received adequate disclosure rather than from the breach, which means a trustee who withheld information extends its own exposure indefinitely. Providing complete accountings starts the clock and is protective. Silent trust provisions limiting disclosure are permitted in some states and prohibited in others.
Frequently Confused with
Related terms
Frequently asked questions
How does disclosure affect limitations?
Can the duty be waived?
