My brother (now the executor / successor trustee) takes offense to being asked. He is very reluctant to do so... basically indicating that he does not have to. He has quoted three totals - but is not showing the hard copy support for those numbers. Your feedback is most appreciated!
Yes, in Wisconsin trustees must keep qualified beneficiaries informed about the administration of the trust. Trustees must provide a report of the trust property to qualified beneficiaries at least once per year. Beneficiaries can also request information at any time, and trustees must keep the beneficiaries reasonably informed.
A trustee shall keep the distributees or permissible distributees of trust income or principal, and other qualified beneficiaries who so request, reasonably informed about the administration of the trust. (Wis. Stat. sec. 701.0813(1))
At least annually and upon the termination of a trust, a trustee shall send to the distributees or permissible distributees of trust income or principal, and to other qualified beneficiaries who request it, all of the following:
1. A report of the trust property, liabilities, receipts, and disbursements, including the source and amount of the trustee's compensation.
2. A listing of the trust assets and, if feasible, their respective market values.
(Wis. Stat. sec. 701.0813(3))
However, the annual reporting provision does not apply to trustees who became trustees before July 1, 2014. The trust document may also modify these default rules. You should consult with an attorney specializing in estate planning to review the trust document and inform you of your rights.
Disclaimer: This answer is informational and shall not be relied upon as legal advice. I am not your attorney, and you should contact an attorney licensed in your state for more information.
If you are the current beneficiary of a trust you are entitled to at least periodic accounts of the trust principal, income and distributions and disbursements. If you object or have questions you certainly have judicial remedies that would lead to discovery of the financial records you are seeking.
This is not legal advice nor intended to create an attorney-client relationship. The information provided here is informational in nature only. This attorney may not be licensed in the jurisdiction which you have a question about so the answer could be only general in nature.
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