Legal Question in Wills and Trusts in Ohio
asking for a trust accounting
I am the secondary beneficiary of a revocable trust in ohio.When my mother ,who is the primary beneficiary ,passes on I will be the primary beneficiary and the trust will disperse all funds to me and cease to be.The trust is administered by a large trust\bank coporation.I asked the trustee for a copy of the trust and for a full accounting of funds.Iwas told that he did not have to do this and so would not.
as a legal (and final beneficiary) of this trust what right does he have to refuse me an accounting of the contents and holdings of the trust?
thank you
2 Answers from Attorneys
Re: asking for a trust accounting
The bank is complying with legal requirements, and perhaps with instructions of your mother. You are advised to seek such information through your mother. Although you are a contingent beneficiary, the bank has no reporting responsibilities unless the language of the trust provides such. Since the trust is revokable, it could be changed at any time consistent with the terms of the trust, including your status as a beneficiary.
Re: asking for a trust accounting
Since it is entirely possible that the trust could be revoked or consumed before your right to it ever acrues, there is no legal duty on the part of the trustee to deal with you. Perhaps your mother would share the information with you. I suggest you check with an attorney in the jurisdiction where the trust is administered.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
