Can a trust beneficiary request bank statements?
Financial Statements Beneficiaries are entitled to receive a financial accounting of the trust, including bank statements, regularly. When statements are not received as requested, a beneficiary must submit a written demand to the trustee.
Who control the bank account of a trust?
Who is a trustee? Trust recipients are usually called trust beneficiaries, and a person who keeps legal control of assets in the trust account is called a trustee. It can be a family member, accountant, or a lawyer, in general, anyone who take the responsibility for handing the trust account.
How do you get information from a trust?
You should please apply in writing to the Office where the Trust has been registered, providing reasons why this information is needed. The Master will then request the input of the Trustees and beneficiaries, after which he/she will exercise his discretion in providing you with the information / not.
When does a trustee receive a request for trust information?
When a trustee receives a request for trust information, each type of information should be considered separately. This will mean that some information might be made available to beneficiaries, while other information requests might be declined. The Supreme Court said that there is:
When to disclose trust information to a beneficiary?
The Supreme Court identified a range of factors that a trustee should consider when deciding whether to disclose trust information to a beneficiary. These are: The types of documents sought: basic documents such as the trust deed should be considered differently to more remote documents such as a memorandum of wishes.
Why does a trust require its own bank account?
It is clear that the Master of the High Court requires each trust to have its own bank account and for trustees to deposit all receipts into such bank account. Section 11 of the Act also specifically requires the separate identification of trust property.
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Can a bank ask you to see your will?
No it is not and you are absolutely correct in questioning this. It is just as if they asked you to see your will since your trust also says who gets your property when you die. Frankly, it’s none of their concern and I have called many bank managers over the years and told them just that.
Where can I find a memorandum of trust?
All of this should be included in a “Memorandum of Trust” which generally should be found at the end of your trust document. Other than this information, the bank does not need to know more. If they insist on seeing an entire document which includes your bequests at the time of your death,…