The Rights of Trust Beneficiaries

An elderly couple in an outdoor setting each holding a small child on their laps.

The beneficiary of a Trust has important rights and responsibilities that the Trust  should spell out clearly. If you are the beneficiary of a Trust, you should understand completely what the process is in estate planning. Many beneficiaries of Trusts feel as if they are beholden to the whims of a Trustee or executor, but the type of Trust  makes a difference as to what you may be entitled to and what your rights are. With your membership in our Legal Protection Plans for Individuals & Families, you can get advice from estate planning attorneys when you are the beneficiary of a Trust, and you can also prepare your own estate planning documents at no additional charge. Learn more about this benefit and read on for a brief overview of a few of your rights as a beneficiary.

Beneficiaries Get A Copy of the Trust or Will

Current and remainder beneficiaries have a right to receive a copy of the Trust. This document gives you information about the Trust and how it is managed and administered so that you can enforce your rights. Information generally included in a Trust includes information about assets held in the Trustee's name, contact information for all parties named in the Trust, bank account information, and Real Estate information. Familiarize yourself with the terms and details of the Trust so you know how much you should receive and when those payments are to be made.

How and When Distributions Are Made

Knowing how to claim your inheritance is important, and you are entitled to timely payment distributions as outlined in the Trust. It is also to be aware of any tax obligations that may arise from your Trust payments.

You Have A Right To An Accounting

An accounting of a Trust is a detailed report containing information regarding liabilities, distributions, income, and expenses of the trust in a certain period of time. The terms of your Trust may vary, but a yearly accounting is typical. Current beneficiaries can also request a special report containing information such as receipts, disbursements, income, bank statements, liabilities, and assets. The yearly report will contain similar information.

You Can Petition The Court To Remove A Trustee

Current beneficiaries of a Trust can ask the court to remove a Trustee if it is believed that the Trustee is not acting in the best interests of the beneficiaries. Some situations - especially involving minor children or conservatorships, when a guardian is involved - can cause disagreements and you may want legal representation in these cases.

Our network of experienced, dedicated estate planning attorneys are always available to answer your questions and give advice regarding Trusts, Wills, and other estate planning documents, and you can get your estate planning documents prepared at no additional cost when you're a member of our Legal Protection Subscription Plans for Individuals & Families. Learn more about our Legal Protection Plans, the estate planning benefits, or sign up today!