(a) 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 the beneficiaries to protect their interests. A trustee shall promptly respond to a beneficiary's request for information reasonably related to the administration of the trust.
(b) A trustee: (1) Upon request of a beneficiary, shall promptly furnish to the beneficiary a copy of the relevant portions of the trust instrument; (2) within sixty days after accepting a trusteeship, shall notify the qualified beneficiaries of the acceptance and of the trustee's name, address and telephone number; and (3) within sixty days after the date on which the trustee acquires knowledge of the creation of an irrevocable trust, or the date on which the trustee acquires knowledge that a formerly revocable trust has become irrevocable, whether by the death of the settlor or otherwise, shall notify the qualified beneficiaries of the trust's existence, of the identity of the settlor or settlors, of the right to request a copy of the trust instrument, and of the right to a trustee's report as provided in subsection (c) of this section.
(c) A trustee shall send a report to the current beneficiaries, and to other qualified beneficiaries who request it, at least annually and at the termination of the trust. Upon a vacancy in a trusteeship, unless a cotrustee remains in office, the former trustee shall send a report to the current beneficiaries and to other qualified beneficiaries who request it. An executor, administrator or conservator may send the report on behalf of a deceased or incapacitated trustee. The report may be formal or informal, but shall include information relating to the trust property, liabilities, receipts and disbursements, including the amount of the trustee's compensation, a listing of the trust assets and, if feasible, their respective market values.
(d) A beneficiary of a trust may petition the court for an accounting by the trustee. The court may grant the petition of: (1) A qualified beneficiary of testamentary trust, if the court finds that an account is necessary to protect the interests of a beneficiary; (2) any other beneficiary of a testamentary trust, if the court finds that the same standard applicable to an inter vivos trust as set forth in subsection (c) of section 45a-175 is satisfied; and (3) a beneficiary of an inter vivos trust, if the court finds the standard set forth in subsection (c) of section 45a-175 is satisfied.
(e) Nothing in subsection (c) of this section limits the power of the court in an accounting proceeding to determine which beneficiaries are entitled to a copy of the accounting and to receive notice of the proceedings.
(f) Nothing in subsection (c) or (g) of this section limits a trustee's obligations under 45a-177.
(g) A beneficiary may waive the right to trustee's reports or other information otherwise required to be furnished under this section. A beneficiary, with respect to future reports and other information, may withdraw a waiver previously given.
(h) The provisions of subsections (b) and (c) of this section do not apply to an irrevocable trust created before January 1, 2020, or to a revocable trust that becomes irrevocable before January 1, 2020.
(i) Judicial approval of a trustee's report forecloses claims as to those given notice of the proceeding as to matters disclosed in the report.
(j) The representation provisions of sections 45a-499q to 45a-499u, inclusive, apply with respect to all rights of any beneficiary under this section. Notice or information provided to a designated representative under section 45a-499u shall satisfy the trustee's duty to provide information or notice required under sections 45a-487j to 45a-487t, inclusive, and 45a-499a to 45a-500s, inclusive.
(P.A. 19-137, S. 63.)
History: P.A. 19-137 effective January 1, 2020.