The beneficiaries should request it in writing. A trustee should always be willing to provide an account and it should be easy if they are keeping good records. If the trustee doesn't respond in a timely manner then you should file a complaint with the court. A trustee who doesn't perform their legal duties properly should be replaced. The court can remove and replace a trustee.
The beneficiaries should request it in writing. A trustee should always be willing to provide an account and it should be easy if they are keeping good records. If the trustee doesn't respond in a timely manner then you should file a complaint with the court. A trustee who doesn't perform their legal duties properly should be replaced. The court can remove and replace a trustee.
The beneficiaries should request it in writing. A trustee should always be willing to provide an account and it should be easy if they are keeping good records. If the trustee doesn't respond in a timely manner then you should file a complaint with the court. A trustee who doesn't perform their legal duties properly should be replaced. The court can remove and replace a trustee.
The beneficiaries should request it in writing. A trustee should always be willing to provide an account and it should be easy if they are keeping good records. If the trustee doesn't respond in a timely manner then you should file a complaint with the court. A trustee who doesn't perform their legal duties properly should be replaced. The court can remove and replace a trustee.
In writing, ask the trustee for a full accounting of the trust's activity. By law you are entitled to these documents from the trustee when requested.
Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.
You should consult with an attorney about filing a petition with the court to compel an accounting. A trustee's actions are governed by law and one of a trustee's responsibilities is to provide an accounting. A trustee who misbehaves is personally liable for any damages or waste of trust assets. However, you have waited a long time and there may be a statute of limitations in effect. You may have a valid claim against the trustee and may be able to sue them personally but you must consult with an attorney ASAP.
The company Trust Accounting does not exist. Trust accounting is a term describing a certain type of accounting. There is special software that will aid in the trust accounting process.
The trustee must sign. The trustee is the only person who has the power to sign on behalf of the trust. It is their purpose.
A beneficiary of a trust has the right to an accounting as a way to make certain the trust assets are not being wasted or mishandled by the trustee. A trustee does not have the right to operate in secret. A court can order an accounting.
The beneficiaries are entitled to an accounting to make sure the trustee is not wasting the trust assets.
In writing, ask the trustee for a full accounting of the trust's activity. By law you are entitled to these documents from the trustee when requested.
Beneficiaries have the right to have the trust administered exactly as provided in the instrument that created the trust. They should request copy in order to review those provisions. They also have a right to request an accounting of all monies and property coming into the trust and any going out. If the trustee will not cooperate the courts have jurisdiction. A petition can be filed to compel the accounting by a reluctant trustee. If a trustee continues to refuse to be cooperative the beneficiaries can request the removal of the trustee and the appointment of a successor, through the court.Beneficiaries have the right to have the trust administered exactly as provided in the instrument that created the trust. They should request copy in order to review those provisions. They also have a right to request an accounting of all monies and property coming into the trust and any going out. If the trustee will not cooperate the courts have jurisdiction. A petition can be filed to compel the accounting by a reluctant trustee. If a trustee continues to refuse to be cooperative the beneficiaries can request the removal of the trustee and the appointment of a successor, through the court.Beneficiaries have the right to have the trust administered exactly as provided in the instrument that created the trust. They should request copy in order to review those provisions. They also have a right to request an accounting of all monies and property coming into the trust and any going out. If the trustee will not cooperate the courts have jurisdiction. A petition can be filed to compel the accounting by a reluctant trustee. If a trustee continues to refuse to be cooperative the beneficiaries can request the removal of the trustee and the appointment of a successor, through the court.Beneficiaries have the right to have the trust administered exactly as provided in the instrument that created the trust. They should request copy in order to review those provisions. They also have a right to request an accounting of all monies and property coming into the trust and any going out. If the trustee will not cooperate the courts have jurisdiction. A petition can be filed to compel the accounting by a reluctant trustee. If a trustee continues to refuse to be cooperative the beneficiaries can request the removal of the trustee and the appointment of a successor, through the court.
Yes. You should be able to review the trust. You can also ask for a regular accounting so that you can monitor the trustee's management of the trust property. If the trustee refuses you can file a motion in a court of equity to compel an inventory and accounting. You should consult with an attorney who can review your situation and explain your options.
Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.
If possible you should discuss the situation with the trustor and ask to have the trustee removed. If that's not possible you could start by asking for an accounting by the trustee. You have an equitable interest in the trust property and the trustee is responsible while he is in charge. If you suspect that the trustee is borrowing against the trust, take him to court. Court's do not look favorably on self-dealing by a trustee and can remove the trustee if it finds the trustee is violating the trust. As a fiduciary the trustee is bound to do nothing that compromises anyone's rights under the trust. As a fiduciary the trustee has the obligation to grow the assets of the trust rather than waste them. If the trustee is making unsecured, no-interest loans to himself he is not making prudent decisions on behalf of the trust.
The first step would be to ask the trustee. If the trustee is not forthcoming, you would need to demand and possible sue for an accounting.
You should consult with an attorney about filing a petition with the court to compel an accounting. A trustee's actions are governed by law and one of a trustee's responsibilities is to provide an accounting. A trustee who misbehaves is personally liable for any damages or waste of trust assets. However, you have waited a long time and there may be a statute of limitations in effect. You may have a valid claim against the trustee and may be able to sue them personally but you must consult with an attorney ASAP.
Generally, yes. The purpose of a trust is to transfer title to the property to the trustee. The trustee manages the property according to the provisions in the trust. The beneficiaries do not "have access" to the trust property only the proceeds therefrom as set forth in the trust instrument. Any and all powers and obligations the trustee has should be explained in the trust instrument. You should obtain a copy to help you understand what they trustee can do and what your rights are as a beneficiary. If you think the trustee is acting in conflict with the trust you could contact an attorney in your area for advice and options available to you.
The trustee must always look to the trust to determine what powers the trustee has in managing the trust property. All the powers of the trustee are set forth in the trust. If the power to mortgage the trust property is not included then a judge would need to make that possible. You should speak with an attorney who can review your situation and determine what your options are.
The annual accounting is the only way you can know what has happened to the trust property during the past year. It will tell you what has gone out of the trust and what has come in. It is not a good idea to waive the annual accounting. It is the only way you can monitor the trustee and whether they are managing the trust in a responsible manner.