Klenk Law

What information must a Trustee give a Beneficiary in Pennsylvania?

Posted on Mon Jan 26, 2015, on Estate Litigation

My parents were both residents of Delaware County, Pennsylvania. When they died they put my inheritance in a trust and appointed my brother as trustee. What information is he required to give me as trustee of my Trust? As a Beneficiary, is the trustee required to give me updates and financial information of my trust?

In 2006, Pennsylvania adopted the PA Uniform Trust Act. This law imposes a duty on trustees to inform Beneficiaries about the existence of the trust, along with certain current information on the trust.

To answer your question correctly, we will have to assume you are either; (1) at least 18 years old and the trustee must be distributing income or principal, or (2) are at least 25 years old and the trustee has discretion over current distributions of income or principal. If either of these two are the case, you have the legal right to request information from the trustee. If you do not fall into these categories, the following discussion does not apply.

As Beneficiary of a trust in Delaware County, Pennsylvania you have the right to receive, at least annually, upon request, periodic written financial reports concerning the trust. Therefore, you as Beneficiary have the opportunity to ask for financial reports once a year. Upon request, the Trustee has a duty to provide this information to you. If they are not doing so, it is likely in breach of their fiduciary duty to you.

There is one caveat, often times, trustees will ask for the Beneficiary to waive their notice rights. If you think you did so – do not worry; you may rescind that waiver in writing at any time.

If your brother is failing to provide financial reports, it might be time to consider filing a petition to remove him as trustee. If he is failing to meet your needs as Beneficiary, options are available in Pennsylvania to have a trustee removed.

We understand that the relationship between Beneficiaries and trustees can sometimes be difficult at best. If you have questions or concerns about an existing Pennsylvania Trust, you should contact an experienced Delaware County Trust Attorney.

If you need assistance with probate or with developing your Estate Plan, please call one of our Probate Lawyers or Estate Planning Attorneys for a free consultation. We have Estate Planning Attorneys in New Jersey, Pennsylvania, New York, Minnesota and Florida.

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