I shouldn’t be forced to publish the legal rights of a Trust Beneficiary on the internet because of an ex-husband’s interference in Son receiving copy of the Trust. But here it is. It’s a crime to interfere with a Trust Beneficiary’s legal rights.
Trust Beneficiaries have the right to the document itself! And they have all the other rights listed blow. (At the bottom, there is a link to the new Illinois Trust code.)
- Payment. Current beneficiaries have the right to distributions as set forth in the trust document.
- Right to information. Current and remainder beneficiaries have the right to be provided enough information about the trust and its administration to know how to enforce their rights.
- Right to an accounting. Current beneficiaries are entitled to an accounting. An accounting is a detailed report of all income, expenses, and distributions from the trust. Usually trustees are required to provide an accounting annually, but that may vary, depending on the terms of the trust. Beneficiaries may also be able to waive the accounting.
- Remove the trustee. Current and remainder beneficiaries have the right to petition the court for the removal of the trustee if they believe the trustee isn’t acting in their best interest. Trustees have an obligation to balance the needs of the current beneficiary with the needs of the remainder beneficiaries, which can be difficult to manage.
- End the trust. In some circumstances, if all the current and remainder beneficiaries agree, they can petition the court to end the trust. State laws vary on when this is allowed. Usually, the purpose of the trust must have been fulfilled or be impossible.