Legal Question in Wills and Trusts in Colorado
Beneficiary Rights in Colorado
I am a beneficiary to my Mother's family trust. My sister is now the trustee to my Mother's trust because of my Mother's health. My sister has had a poa available for my Mother since 1993. But, she refuses to give me a detailed/itemized reporting of income and expenses of the family trust. I have some suspicions and documents that don't add up and want to know what is going on financially in my Mother's trust as a beneficiary to it. Do I have any beneficiary rights in this?
3 Answers from Attorneys
Yes, you have the right to information about the trust because you are a beneficiary. You could also challenge the use of the power of attorney. Enforcement of your rights might become expensive and very involved if some resolution can not be worked out within the family. Much will depend upon your Mother's views and competence. You need to talk to an attorney.
I agree with Mr. Valentine. If needed, you could file a motion to compel and perhaps breach of fiduciary duty suit against the trustee to compel her to share information with you, as a beneficiary. It definitely could get complicated. Hope this helps.
Yes, you have the right to information and also an annual accounting. Many family trustees are unfamiliar with the Colorado statutes that govern their service as a trustee. You may wish to consult with an attorney who specializes in this area to help you assist the trustee learn of their responsibilities and duties. That alone may solve the problem.
If not, then you can obtain assistance of the Court if the trustee is not fulfilling their duties properly.
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