When a person is a beneficiary on a trust, they may not know all the important details. A trust beneficiary may think that they do not have any rights and that the trustee is in charge. But, beneficiaries in Minnesota do have some rights to make sure the trust is properly managed.
If the trust a beneficiary is named on is a revocable trust, then that trust can be changed at any time and can revoke it any time. A beneficiary has very few rights with that trust. An irrevocable trust is a trust that cannot be changed. If a beneficiary is named to an irrevocable trust they do have certain rights. A current beneficiary has the right to make sure the trustee is acting properly and information about the trust. They also have the right to receive payment from the trust. They have the right to request accounting on the trust that shows the income, distributions and expenses for the trust. A beneficiary of a trust also has the right to ask the court to remove the trustee if they feel they are not acting properly. If current and remainder beneficiaries agree, they can have the trust ended as well.
A trust dispute is common among families. When these disputes happen, families can face an emotional and stressful time. A legal professional who specializes in trust disputes can help their client work through these disagreements and help find a solution. When a beneficiary doesn’t feel like they are getting the information they want or don’t know how to receive the information they need, an attorney can help intervene on their behalf.
A trust dispute does not have to tear apart a family forever. An attorney can help their client get the answers they need and to which they are entitled through informal discussions and alternative dispute resolution.
Source: elderlawanswers.com, “5 rights that trust beneficiaries have,” accessed on Aug. 6, 2017