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Good evening. You have the right to this information under the Utah Trust Code Section 75-7-811 which I have provided below. The trust and its assets are not the personal piggy bank of the trustee. Rather, the trustee is obligated to administer the trust specifically pursuant to the terms of the trust and to provide the information set forth in the statute I have provided below. Failure to do so is a breach of the trustee’s fiduciary duty to the grantor of the trust and to the beneficiaries. Such a breach gives the beneficiaries cause to ask the trustee to resign and if the trustee refuses to do so, gives the beneficiaries the right to file a petition with the family court asking the court to order the trustee removed. And, if there has been any misappropriation of estate
assets, the beneficiaries can also ask the court to award actual and punitive damages against the trustee.
"75-7-811. Duty to inform and report.
(1) Except to the extent the terms of the trust provide otherwise, 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, and unless otherwise provided by the terms of the trust a trustee shall promptly respond to a qualified beneficiary's request for information related to the administration of the trust.
(2) Except to the extent the terms of the trust provide otherwise, a trustee:
(a) upon request of a qualified beneficiary, shall promptly furnish to the beneficiary a copy of the portions of the trust instrument which describe or affect the beneficiary's interest;
(b) 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;
(c) 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 (3); and
(d) shall notify the qualified beneficiaries in advance of any change in the method or rate of the trustee's compensation.
(3) A trustee shall send to the qualified 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 amount of the trustee's compensation or a fee schedule or other writing showing how the trustee's compensation was determined, 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, unless the terms of the trust provide otherwise. A personal representative, conservator, or guardian may send the qualified beneficiaries a report on behalf of a deceased or incapacitated trustee.
(4) A qualified 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."
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