Trust Administration without judicial intervention

Question 1

Transfer of Principal place of administration

Answer 1

Trustee must give qualified beneficiares 60 days notice before initiating a transfer

Question 2

Termination of uneconomic trust s

Answer 2

If trust worth less than 100k, the trustee must give notice to qualified beneficiares; on termination the trustee must distribute property with trust terms

Question 3

Preserving assets without accepting office of trustee

Answer 3

Under the VA UTC A person designated as trustee, may, without accepting the trusteeship, act to preserve trust property

Acceptance does not occur if within a reasonable time of acting to protect property, a person sends notice of rejection of trusteeship to the settlor if living and if not to a qualified beneficiary

Question 4

Resignation by trustee

Answer 4

If trust is silent, trustee may resign by giving 30 days notice to the settlor, if living or if not, then to qualified beneficiares

Does not discharge trustee liability

If no other successor, trustee must continue as trustee unit the property has been delivered to a successor

Question 5

Furnishing Reports

Answer 5

Unless stated otherwise, trustee must furnish periodic reports of trust property

Upon request, a trustee must furnish a beneficiary with a copy of the trust instrument

Question 6

Furnishing Reports SOL

Answer 6

Furnishing a report that adequately discloses the existence of a potential claim and informed the beneficiary of the time allowed for commencing a proceeding gives a triggers a 1 year SOL

Question 7

SOL without furnishing a report

Answer 7

5 years after first to occur

1) Trustee removal

2) Termination of beneficiary’s interest

3) Termination of Trust

Question 8

Filling vacancies

Answer 8

Vacancy may be filled by a person chose with unanimous consent of qualified beneficiaries or court can appoint one