A Trustee’s Duty To Account To Beneficiaries
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- เผยแพร่เมื่อ 8 ก.พ. 2025
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A beneficiary of a trust often wants to assure themselves that the trustee is handling the trust assets consistent with the term of the trust, and consistent with appropriate trust law and regulations.
A trustee has an obligation to render a clear and accurate accounting to a beneficiary each year covering his administration, showing receipts and disbursements, and showing a list of all trust property as of the end of the accounting period.
People establishing trusts need to take into account these trustee accounting obligations when selecting the trustee and successor trustee of the trust.
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This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney
www.RabalaisEstatePlanning.com
Going thru this sad nightmare as we speak. Never knew my siblings were so dishonest.
Getting ripped off by my brother who has courted the attorney that was supposed to be representing my mom
@@robertjohnwalker I hear you. Almost happened to me and then mom became privy to their manipulating ways. That part ended well. So sorry for your situation. I really am.
@@nottthereyet4872 My mother refuses to believe that her older son could ever do what he's been doing, and the attorney has charmed the depends off of my mom. We'll see how it shakes out. I may have stopped it. Thanks for your empathy.
Money is the root of all evil. Just remember bad deeds came back to bite the bad person.
my sibling was power of attorney over trust and assets. Now he is claiming he is sole heir and saying there was no trust and never filed it. He lied and stole so much.
My own mother just wrote me out. Go figure. I kind of wish my dad were still here.
Can you address the subject of having an accountant as an Executor and Trustee? How much are they usually compensated. Is it the right decision to appoint an accountant rather than a family member?
But I thought one of the selling points of an estate trust was to avoid revealing all the details of the estate? I'm designated as the successor trustee for a relative, but they made it clear they don't want any of the beneficiaries knowing what is going on with the estate except for their benefit specifically. (Not all relatives are going to be getting anything, and those that do may receive different values. My relative wants this info to not be common knowledge, to avoid bad blood.) So...would it be fine if I just gave reports to each beneficiary separately, and only about the parts of the trust that deal with their benefits?
This is not allowed, as usually the right to an accounting is allowed to all beneficiaries regardless of the wording of the trust by most state laws. All beneficiaries are allowed to know all the figure to safeguard their own interest in the instrument
My trustee said a few months ago that I had to go through a trust asset service company (tasc) a third party for repairs on my home. TASC said I wasn’t allowed to choose a vendor I’ve used for years, only theirs on their list. I also wasn’t allowed to sign any invoices so I didn’t know what I was charged. I found out in my quarterly statement a few months later. I was charged quadruple the price of my neighbors and was taken advantage of. How do I convey I won’t use TASC in the future?
Yes after 5 yrs I have never received the first letter
If you could remind us how LA law varies from other US states' law, it would help. Regardless, your videos are extremely helpful. Thank you.
Very informative 👏
Glad you liked it
Does this also apply to an executor duties to provide financial accountings to the beneficiaries?
Dad could have also sat with mom, and the attorney, and let her know what her duties are. Perhaps also sit with children and tell them what to expect (if appropriate).
Mr. Rabalais, do you cite LA state code in your trusts, to ensure successor trustees have clear guidelines for accounting to beneficiaries? My RLT currently does not have any requirement to provide annual accounting, one of my planned fixes for the next uber version.
Are the trustee always named on the trust certificate?
What about Veterans who are abused who aren't crazy but bamboozled by friends or family?? From a fiduciary to the beneficiary who is the Veteran?
Thanks to mention
Hi mr Rabalais. Thank you for sharing all these informations. Could you tell me what is the disadvantage of having corporate successors trustee except the fees?
None, plus they then have to maintain a bond which prevent fraud
Just use a wealth management firm that’s part of the big banks
Thank u very good xplain
What if it's a simple 4 way split but you suspect 2/3 of her estate is not accounted for. Then the will and trustee contract say if we question her accounting we forfeit our share.? Then do we wait to get our money to afford an attorney or or do we do it now before it's all said and done?
You get an answer? You cannot forfeit your share that's BS
Hi Thanks for your video !!!
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I'm from the UK and i cannot even find out the role or duty of an executor ???
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My sisters have deliberately wasted nearly £100,000 and i can't find a solicitor who whos weather they are right or wrong ???
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Hope somebody can help ???
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MANY THANKS
I ment to say can an administrator destroy a will
Do these rights apply to all states in the U.S.?
This trustee is a lawyer, he did provisions to my trust to no longer give money out for anything I need. Including fixing my home, clothes and things I need that SSI said I could have, only taxes insurance his fees, invoices and a small , only a small stipend.! Please could you respond 🙏
It was said "at a minimum", the trustee has to provide accounting info annually. Is there a problem or process to request a semi annual report? And does the trustee need to comply?
Thank you 😊
You're welcome 😊
Help- I've watched several of the videos on the receipt and release form and my question hasn't been covered - my question is why would the trustee ask me to sign it BEFORE getting any money or a detailed accounting (I got a basic summery of the accounting) ? The trustees attorney wants me to sign it before any distributions....shouldn't that be at the end after receiving my portion of the money? The attorney included a 10K holdback
You get an answer on this? Is this "in trust" or permanent?
@@groovygrover190 I think you can sue if you were pushed to sign under duress
Sign with I reserve my rights but I will fill out the UCc 1 claiming the llc
Hello, my mother had a trust, my elder sister is the trustee and I am the beneficiary. I just found out if something happens to my sister, my cousin is her backup trustee. What does that make my cousin?
this is what happened in our family. GM was a three time black widow. making millions off of her dead spouses. edward jones spent so much money in fees and doing trades that while she made good money for 20+ years, the principal fell year by year and there was little left for the kids.
Beneficiary put her name on the trust account with the trustee is that OK
I hope
just my opnion i find family members to be the WORST.. trustees..
My husband apointed me and 'his son from prior` I dont even want to be in this position. How xan I get out?
@@sabine3769 idk im not an Attorney or Legal adviser.
Can an administration destroy a will
I ment to say can an administrator destroy a will
No
Why could dad have two trusts, one for wife and one for children?
How about living the new spouses out!! Watch how fast these women and men find new lovers and ur money is spend on strangers while your kids are aging! Grandchildren left with nothing. Your kids are ur heiress heirs
The trustee has to do what ?
Do the beneficiaries have an attorney ?
If not then the trustee will not be challenged, meaning the trustee doesn’t have to disclose any information or even have to abide by the will or trust.
Unfortunately
I'm a beneficiary of a trust stay trust my boyfriend necessary is avoiding me never communicates they don't even know answers no information about my benefits