REPORTING TO TRUST BENEFICIARIES By Chaddock Fiduciary Services

Introduction From its base of operations in Morgan Hill, California,

Chaddock Fiduciary Services provides an array of financial services to clients in Northern and Southern California. One of the state’s oldest professional fiduciary firms, Chaddock Fiduciary Services has two branch offices and a seasoned team of five financial experts. The firm often is responsible for administering trusts, and handles all reporting to trust beneficiaries.

Because beneficiaries are owners of the trust, they have a right to know about the trust terms and property, along with any relevant transactions.

Trust Beneficiaries When a trustee or fiduciary assumes oversight of

a trust, he or she must notify all beneficiaries and provide complete contact details within 60 days. In addition, within 60 days of creation of an irrevocable trust, or conversion of a revocable trust to an irrevocable one, a fiduciary must notify the beneficiaries that they can receive a copy of the trust report and trust instrument, Beneficiaries can request such copies at any time. Fiduciaries must also alert beneficiaries about changes in proposed compensation rates or about proposed sales of significant trust assets.