This form is a sample letter in Word format covering the subject matter of the title of the form.
Sample Letter To Close Trustee Accounting For Beneficiary In Washington
Category:
State:
Multi-State
Control #:
US-0034LTR
Format:
Word;
Rich Text
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FAQ
California statutory law requires a trustee to account annually to current trust beneficiaries, i.e., those who are currently entitled to receive distributions of income and principal during the accounting period. Any trustee, other than the settlor(s) who established the trust, has a duty to account.
Personal representatives (i.e., executors and administrators of the estate) are required to provide beneficiaries and other interested parties (i.e., persons or entities with a financial stake in the estate) with financial information about the estate they are overseeing.
Terminating an active trust requires court intervention or unanimous beneficiary consent. A party with legal standing must demonstrate compelling reasons for a judge to order dissolution, or alternatively, all beneficiaries must concur on ending the trust, ensuring adherence to the trust's purpose and legal procedures.
If the accounting is not provided in the proper form as required by the law, then after sixty days the beneficiary can file a probate court petition to seek a court order requiring the trustee to prepare the proper accounting and can request reimbursement for the fees and costs they incur in bringing the petition.
Below, we have broken the process down into manageable steps. Step 1: Start with a Proper Salutation. Step 2: Introduce Yourself and Your Relationship to the Deceased. Step 3: Clearly State the Purpose of the Letter. Step 4: Provide Detailed Information about the Inheritance.
Upon court motion: Beneficiaries can petition the court for a formal accounting; if the court grants the petition, the executor must provide one.
What types of fiduciary duties does a trustee have to the beneficiaries? The fundamental duties of a trustee are as follows: (1) the duty of good faith and loyalty; (2) the duty of reasonable skill and diligence; (3) the duty to give personal attention; and (4) the duty to keep and render accounts.
Under California Probate Code §16062, trustees are obligated to account to each beneficiary annually, upon trust termination, and following a change in trustee. Additionally, if a beneficiary requests an accounting in writing, the trustee must provide it within 60 days.