Legal Question in Wills and Trusts in Illinois
what is the time limitation in the reading of a trust?
1 Answer from Attorneys
As far as I know, there is no legal requirement for a "reading of the trust".
A trust is administered privately, and the beneficiaries are entitled to what the trust says, generally an accounting once a year, and, if provided for, periodic distributions. After the death of the person who set up the trust, called the grantor, there are time periods regarding claims against the decedent's estate, including the payment of any income or estate taxes due, which may affect the trust, the timing of distributions to the beneficiaries, and the trustee's obligations for closing the trust and making final distributions.
Having said that, a trustee must act to discharge his duties to the beneficiaries, which includes acting in their best interests, and to further the trust purposes. So, at a minimum, the trustee should be in communication with you, if you are a beneficiary.
If you are a beneficiary, you are entitled to a copy of the trust, which you can take to an attorney for review. After review, the attorney can explain to you your rights and options, as provided for in the trust document.
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