Typically Trust beneficiaries have five common rights:
- Payment from the trust. Beneficiaries have the right to payments as set out in the trust deed document.
- A right to information. As a beneficiary you have the right to be provided with enough information about the trust and its administration to enable you to enforce your rights should you need to.
- A right to request the annual accounts, detailing all income, expenses, and distributions from the trust.
- A right to remove a trustee. Trustees have an obligation to balance the needs of all beneficiaries where there is more than one. Should you feel that the trustee is not acting in your best interest, then you can apply to court for their removal. This can be a complicated process and you should seek legal advice at this point
- A right to challenge a breach of trust. If you have concerns about a ‘breach of trust’ and are worried that the trustees are not fulfilling their duties and maybe even spending the money in the trust they we are here to help
If you are a trust beneficiary and have any concerns about the management of your trust, then our team of Trust experts in Chesterfield, Dronfield, Mansfield and Sheffield are here to help.