Richmond, VA asked in Estate Planning for Virginia

Q: How can I get remainder of trust from trustee who never gave annual Acctg but did give tax returns?

5 total beneficiaries: 2 trustees, myself, and 2 compliant. 8 mos ago trustee said a remainder but never recd.

1 trustee took $ and Ivwas told he would show record of money he spent. Never happened. 11 yrs ago parent passed and both trustees had trust checks accounts that were never told if.

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2 Lawyer Answers
Dominic Paul Lascara
Dominic Paul Lascara
Answered
  • Estate Planning Lawyer
  • Chesapeake, VA
  • Licensed in Virginia

A: It seems odd that the Trustee would give you copies of tax return, but not provide to the beneficiaries annual statements of receipts and disbursements. If you have a copy of the trust document, please review the sections that deal with the obligations of the Trustee to account to the beneficiaries.

Under Virginia law, (See Virginia Code § 64.2-775. Duty to inform and report), 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. A trustee, upon request of a beneficiary, shall furnish to the beneficiary a copy of the trust instrument.

A trustee shall send to the distributees of the trust, at least annually and at the termination of the trust, a report of the trust property, liabilities, receipts, and disbursements, including the source and amount of the trustee's compensation, a listing of the trust assets and, if feasible, their respective market values.

I hope you find this helpful.

Dominic Lascara

Anthony M. Avery
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Answered
  • Estate Planning Lawyer
  • Knoxville, TN

A: Beneficiaries must hire a VA attorney to sue the Trustees for Breach of Fiduciary Duty, Conversion, Accounting and Breaching the applicable Statutes. Venue will probably be where one of the Trustees resides, unless the Trust has a jurisdiction term. SOL will probably shield the oldest years of malfeasance.

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