Current as of January 01, 2020 | Updated by FindLaw Staff
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(a) A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests. Unless unreasonable under the circumstances, a trustee shall promptly respond to a beneficiary's request for information related to the administration of the trust.
(b) Subject to subsection (e) of this section, a trustee:
(1) Upon request of a beneficiary, shall promptly furnish to the beneficiary a copy of the trust instrument;
(2) Within 60 days after accepting a trusteeship, shall notify the qualified beneficiaries of the acceptance and of the trustee's name, address, and telephone number;
(3) Within 60 days after the date the trustee acquires knowledge of the creation of an irrevocable trust, or the date the trustee acquires knowledge that a formerly revocable trust has become irrevocable, whether by the death of the settlor or otherwise, shall notify the qualified beneficiaries of the trust's existence, of the identity of the settlor or settlors, of the right to request a copy of the trust instrument, and of the right to a trustee's report as provided in subsection (c) of this section; and
(4) Shall notify the qualified beneficiaries in advance of any change in the method or rate of the trustee's compensation.
(c)(1) A trustee shall, annually and at the termination of the trust, send a report to the distributees and permissible distributees.
(2) A trustee shall, at the termination of the trust, send a report to other qualified beneficiaries who request it.
(3) Upon a vacancy in a trusteeship, unless a cotrustee remains in office, the former trustee shall send a report to the qualified beneficiaries.
(4) Upon a vacancy in a trusteeship or upon termination of the trust, the trustee shall send a report to a nonqualified beneficiary who requests it unless the preparation of the report was waived by the qualified beneficiaries.
(5) A personal representative, conservator, or guardian may send the qualified beneficiaries a report on behalf of a deceased or incapacitated trustee.
(6) For the purposes of this subsection, the term “report” means a report of the trust property, liabilities, receipts, disbursement, and distributions, including the source and amount of the trustee's compensation, a listing of the trust assets and, if feasible, their respective market value.
(d) A beneficiary may waive the right to a trustee's report or other information otherwise required to be furnished under this section. A beneficiary, with respect to future reports and other information, may withdraw a waiver previously given.
(e) Subsections (a), (b), and (c) of this section do not apply to a trust created under an instrument executed before the effective date of this chapter [March 10, 2004].
Cite this article: FindLaw.com - District of Columbia Code Division III. Decedents' Estates and Fiduciary Relations. § 19-1308.13. Duty to inform and report. - last updated January 01, 2020 | https://codes.findlaw.com/dc/division-iii-decedents-estates-and-fiduciary-relations/dc-code-sect-19-1308-13/
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