As a trust beneficiary, you may be in a precarious position, because you may feel as though you are at the mercy of the trustee. Oftentimes, it may be difficult you have any power over the situation at all, as there are various situations which may arise that result in you not being paid your trust or receiving any inheritance.
However, be assured that as a trust beneficiary, you are entitled to several rights and are protected in some form of the law. These laws exist in order to monitor the trust and the actions of the trustee, so as to allow trust beneficiaries the protection of their interests in regards to the trust.
The following are standard rights of trust beneficiaries:
- Payment – You have the right to distributions as set forth in the trust.
- Right to Information – You have the right to be given adequate information regarding your trust.
- Right to an Accounting – You are entitled to a detailed report of all income, expenses, and distributions from your trust. You may also waive the accounting if you choose to do so.
- Removing the Trustee – You have the right to petition the court to remove the trustee if you feel the trustee isn’t behaving in your best interests, or you may find it difficult to manage the needs of the remainder beneficiaries.
- Terminating the Trust – If your state allows, you may have the right to end the trust if all current and remainder beneficiaries can agree, and the trust has been fulfilled or is deemed impossible.
- Suing the Trustee – You may hold the trustee liable for loss of trust assets and for income you would have earned but for the wrongful conduct of the trustee. This is called a breach of fiduciary duties.
Contact Our Austin Probate Lawyers
At Alex R. Hernandez, we are a team of Austin probate lawyers who fight to advocate for the rights of trust beneficiaries with an unmatchable tenacity. Regardless of the complexity of your situation, we won’t back down from the challenge of taking on your case. Our experienced probate attorneys will make sure you are protected with all of the required documents and more.
Reach our firm by calling us at your earliest convenience at (888) 907-8994.