Can a beneficiary get basic information on a trust from the firm that holds the trust?

Asked 12 months ago - Monticello, MN

So I called the financial firm today that is holding my trust and the broker told me I had to go through my trustee to get any information about my account/trust. I can't believe since the trust is mine alone that I can't access basic information like the amount, interest percentage and so on. What if my trustee is unresponsive and won't tell me anything or return my calls? Is this a simple case of hiring an attorney to remove the trustee and naming some one more trustworthy?

Attorney answers (4)

  1. Tricia Dwyer

    Contributor Level 19

    4

    Lawyers agree

    Answered . Hello. The broker is the 'holder' of the funds who is entrusted with the funds of the trust of which you are a beneficiary. You need to communicate with the trustee. You would be wise to do so in writing. Do contact an attorney for assistance and detailed legal counsel as need be.

    WILLS-TRUSTS LAW
  2. Steven M Zelinger

    Pro

    Contributor Level 20

    5

    Lawyers agree

    Answered . Mr. Pippen is correct.

    This is not legal advice nor intended to create an attorney-client relationship. The information provided here is... more
  3. Joseph Franklin Pippen Jr.

    Pro

    Contributor Level 20

    4

    Lawyers agree

    Answered . The trustee would be the one to provide you information.
    The financial firm is not responsible to provide you info.
    If the trustee is not providing you required info-see an attorney to discuss if
    you have grounds for removal.

    The answer given does not imply that an attorney-client relationship has been established and your best course of... more
  4. John P Corrigan

    Contributor Level 19

    3

    Lawyers agree

    Answered . Your trustee has a duty of loyalty and to account. I would write a letter setting forth the deficiencies you perceive in the trustee's performance in this regard. Tell them that if not rectified within 30 days you will file a petition seekingtheir removal. This will get a response to avoid any problems.....and if you have given notice then court will not give trustee any break if you then file the petition having given them fair warning of your complaint.

    My answer is not intended to be giving legal advice and this topic can be a complex area where the advice of a... more

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