633.4213  Duty to inform and account.

1.  A trustee shall keep the beneficiaries of the trust reasonably informed of the administration of the trust.

2.  Within thirty days after accepting the office of the trustee, the trustee shall inform the beneficiaries of the acceptance. Within thirty days after the death of a settlor of a trust, the trustee shall inform the beneficiaries having vested interests of their respective interests in the trust unless the trust specifies otherwise.

3.  A trustee shall inform the beneficiaries in advance of a transaction affecting trust property comprising a significant portion of the value of the trust and whose fair market value is not readily ascertainable.

4.  On reasonable request of a beneficiary, a trustee shall provide the beneficiary with a copy of the trust instrument and with information about matters of administration relevant to the beneficiary's interest unless the trust specifies otherwise.

5.  A trustee shall prepare and send to the beneficiaries an account of the trust property, liabilities, receipts, and disbursements at least annually, at the termination of the trust, and upon a change of a trustee. An accounting on behalf of a former trustee shall be prepared by the former trustee, or if the trustee's appointment is terminated by reason of death or incapacity, by the former trustee's personal representative or guardian or conservator.

6.  Copies of accountings and other information required under this section need only be sent to the following beneficiaries:

a.  The beneficiaries defined in section 633.4105.*

b.  Each beneficiary who has delivered to the trustee or other fiduciary a written request for a copy of the account or other information.

7.  An accounting and other information required under this section may be waived if the person entitled to a copy consents in writing.

Section History: Recent form

  99 Acts, ch 125, §59, 109; 2001 Acts, ch 176, §78

Internal References

  Referred to in § 633.4111


  *Definition of beneficiary contained in 99 Acts, ch 125, §40, stricken by 2000 Acts, ch 1150, §22

  Section effective July 1, 2000; 99 Acts, ch 125, §109

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