Portland, OR asked in Estate Planning and Probate for Oregon

Q: Is the trustee obligated to account to beneficiaries for funds held in reserve?

We think the trustee has just taken reserve funds for himself. For example attorney reserve the courts allowed be held. The trustee refuses to send us bank statements for the trust accounts so that we can verify the funds that are supposed to be there are still there. Says he doesn't have to, and called the police claiming he was being harrassed. The court record says the trust is "closed" I assume that just means it's out of court. As long as there are still funds that have not been distributed from the trust and are being held , the trust is not officially closed. Therefore, doesn't the trustee still owe the beneficiaries all of his fudiciary duties.?

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1 Lawyer Answer
Theressa Hollis
Theressa Hollis
  • Estate Planning Lawyer
  • Portland, OR
  • Licensed in Oregon

A: You are correct. The trustee must account for how all of the trust monies are spent. I recommend contacting the trustee's attorney instead of the trustee directly.

You are also correct that it's the Court case that is closed, not the trust. The trust is not terminated until all of the trust monies have been spent or disbursed.

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