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Duty to Inform Beneficiaries

Duty to Inform Beneficiaries. Development of Duty. 1. Before January 1, 2006 Trustee had a common law duty to disclose: Upon beneficiary’s request . Trustee about to take a material unusual action. Development of Duty. 2. January 1, 2006 to June 15, 2007

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Duty to Inform Beneficiaries

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  1. Duty to Inform Beneficiaries

  2. Development of Duty • 1. Before January 1, 2006 • Trustee had a common law duty to disclose: • Upon beneficiary’s request. • Trustee about to take a material unusual action.

  3. Development of Duty • 2. January 1, 2006 to June 15, 2007 • Former § 113.060 imposed on the trustee a duty to keep beneficiaries reasonably informed of: • Trust administration, and • Material facts necessary for beneficiaries to protect their interests. • Problems with this duty?

  4. Development of Duty • 3. Beginning June 15, 2007 • Statutory duty repealed • Common law duty restored.

  5. Development of Duty • 3. Beginning June 15, 2007 • When settlor may limit common law duty under § 111.0035(c): • Trust is revocable, or • Beneficiary is under age 25, or • Beneficiary is not eligible for (1) current distribution or (2) distribution if trust were to terminate now.

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