Back to the Learning Center

By: Scott Grossman on September 15th, 2016

10 Types of Information Trustees Must Share With Beneficiaries

You can say that Information is power, this remains true. For the beneficiaries of trusts in California, remaining fully informed about the trust helps to ensure that the trust administration is carried out properly and that their inheritance is protected. Trustees have a legal obligation to provide the beneficiaries with certain information. They must also provide transparency during the trust administration process. As a trustee, it is important to be aware of what information must be shared with the beneficiaries.

Information that Trustees Must Share With Beneficiaries

Since keeping the beneficiaries informed is a duty of a trustee, the trustees must share and understand what information should be provided to beneficiaries during the trust administration process. There is certain information to expect. The following is an overview:

  1. The amount, nature, and location of the assets of the trust.
  2. The liabilities of the trust.
  3. All income received by the trust.
  4. Disbursements made by the trust.
  5. Actions are taken by the trustee.
  6. Pays all money to the trustee.
  7. All agents hired by the trustee to carry out the trust administration, including financial advisors and tax advisors.
  8. The relationship to the trustee of any agent hired by the trustee to assist with the trust administration.
  9. The amount of pay given to any agent hired by the trustee to assist with the trust administration.
  10. The extent and nature of the beneficiary’s interest in the trust, including a copy of the trust instrument.

Keeping beneficiaries informed during a trust administration is not the only duty of a trustee. This means California trustees must share and carry out their responsibilities. Also, while abiding by the standard of care required in this state. For a better understanding of what this standard of care means, view our article, “California Trust Lawyer on the “Standard of Care” and Your Trustee.”

Did this article help you understand more about the trust administration process? If so, we encourage you to share it with your friends and family. You may have a loved one who is currently struggling to administer a trust and could benefit from this article.


Related Link: