Is a trustee required to provide an accounting to the beneficiary of how the trusts assets are used/spent?
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Is a trustee required to provide an accounting to the beneficiary of how the trusts assets are used/spent?
My brother is the trustee and refused to ever give me any accounting of the funds, in or out. He would only say that he has complete control and discretion over the trust assets. With no warning he declared the trust broke with several bills owed.
Asked on May 6, 2012 under Estate Planning, Colorado
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry. A trustee is a fiduciary and has a fiduciary duty to you as the other trust beneficiary. Yes, he should have filed a yearly accounting of the trust. But because your brother refuses to do so I think that you may have to find an attorney to force the issue. Good luck.
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