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Comparison of Uniform Trust Code, DC Trust Code, Maryland Trust Act, and Virginia Trust Code, with Annotations

  • Preamble
  • Article 1
  • Article 2
  • Article 3
  • Article 4
  • Article 5
  • Article 6
  • Article 7
  • Article 8
  • UPIA-UTC Article 9
  • Article 10
  • Article 11
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A

DC §19-1301.05(b)(9) omits the bracketed word “qualified,” with the effect that any beneficiary can request reports and other information from the trustee. However, DC §19-1301.05(c) allows the settlor to waive or modify the duties of a trustee to give notice, information and reports to beneficiaries by (1) waiving or modifying such duties during the lifetime of the settlor or the lifetime of the settlor’s surviving spouse, (2) specifying a different age at which a beneficiary of class of beneficiaries must be notified under DC §19-1308.13(b)(2) and (3), or (3) designating a person or persons to act in good faith to protect the interest of beneficiaries to receive any notice, information or reports in lieu of providing such notice, information or reports (under DC §19-1308.13) to the beneficiaries.
MD §14.5-813(a) and (c) entitle only “qualified” beneficiaries to information and reports from the trustee upon request. MD §14.5-105(10) contains a mandatory rule omitted from the UTC; it provides that the terms of the trust cannot alter the duty of the trustee to notify the “qualified” beneficiaries (age 25 or older) of an irrevocable trust of their rights to: know of the existence of a trust; know the identity of the trustee; request reports; request a copy of the trust instrument; and, receive other information reasonably related to the trust administration.

UTC §813 and corresponding sections of the DC UTC and the VA UTC include the requirement that the trustee keep the qualified beneficiaries reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests. This requirement is not included in MD §14.5-813 because this was not part of the common law of trusts in Maryland.

MD §14.5-813 sets forth special requirements for methods of notice to qualified beneficiaries.
VA §64.2-703(B) does not prohibit the terms of a trust from altering or negating the duty of the trustee (under VA §64.2-775) to respond to beneficiaries’ requests for reports and other information. In addition, VA §64.2-703(B) omits the UTC provision prohibiting the terms of a trust from waiving the trustee’s duty (under VA §64.2-775) to notify qualified beneficiaries (age 25 or older) of an irrevocable trust of the existence of the trust, the identity of the trustee, and of their right to request trustee’s reports.

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UTC

§ 813. Duty to inform and report.

(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 them to protect their interests. Unless unreasonable under the circumstances, a trustee shall promptly respond to a beneficiary’s request for information 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 trust instrument;
(2) within 60 days after accepting a trusteeship, shall notify the qualified beneficiaries of the acceptance and of the trustee’s name, address, and telephone number;
(3) within 60 days after the date the trustee acquires knowledge of the creation of an irrevocable trust, or the date 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); and
(4) shall notify the qualified beneficiaries in advance of any change in the method or rate of the trustee’s compensation.
(c) A trustee shall send to the distributees or permissible distributees of trust income or principal, and to other qualified or nonqualified beneficiaries who request it, at least annually and at the termination of the trust, a report of the trust property, liabilities, receipts, and disbursements, including the source and amount of the trustee’s compensation, a listing of the trust assets and, if feasible, their respective market values. Upon a vacancy in a trusteeship, unless a cotrustee remains in office, a report must be sent to the qualified beneficiaries by the former trustee. A personal representative, [conservator], or [guardian] may send the qualified beneficiaries a report on behalf of a deceased or incapacitated trustee.
(d) A beneficiary may waive the right to a trustee’s report 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.
(e) Subsections (b)(2) and (3) do not apply to a trustee who accepts a trusteeship before [the effective date of this [Code]], to an irrevocable trust created before [the effective date of this [Code]], or to a revocable trust that becomes irrevocable before [the effective date of this [Code]].

DC

§ 19-1308.13. Duty to inform and report.

A

(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 them to protect their interests. Unless unreasonable under the circumstances, a trustee shall promptly respond to a beneficiary's request for information related to the administration of the trust.
(b) Subject to subsection (e) of this section, a trustee:
(1) Upon request of a beneficiary, shall promptly furnish to the beneficiary a copy of the trust instrument;
(2) Within 60 days after accepting a trusteeship, shall notify the qualified beneficiaries of the acceptance and of the trustee's name, address, and telephone number;
(3) Within 60 days after the date the trustee acquires knowledge of the creation of an irrevocable trust, or the date 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; and
(4) Shall notify the qualified beneficiaries in advance of any change in the method or rate of the trustee's compensation.
[DC(c) SEPARATES INSTRUCTIONS FOR DISTRIBUTEES AND BENEFICIARIES]
(c) (1) A trustee shall, [MISSING "AT LEAST"] annually and at the termination of the trust, send a report to the distributees and permissible distributees. [MISSING "OF TRUST INCOME OR PRINCIPAL"]
(2) A trustee shall, [MISSING "AT LEAST ANNUALLY AND"] at the termination of the trust, send a report to other qualified beneficiaries who request it.
(3) Upon a vacancy in a trusteeship, unless a cotrustee remains in office, the former trustee shall send a report to the qualified beneficiaries.
(4) Upon a vacancy in a trusteeship or [MISSING "AT LEAST ANNUALLY AND"] upon termination of the trust, the trustee shall send a report to a nonqualified beneficiary who requests it unless the preparation of the report was waived by the qualified beneficiaries.
(5) A personal representative, conservator, or guardian may send the qualified beneficiaries a report on behalf of a deceased or incapacitated trustee.
[DC DEFINES "REPORT"]
(6) For the purposes of this subsection, the term "report" means a report of the trust property, liabilities, receipts, disbursement, and distributions, including the source and amount of the trustee's compensation, a listing of the trust assets and, if feasible, their respective market value.
(d) A beneficiary may waive the right to a trustee's report 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.
(e) Subsections (a), (b), and (c) [DC LISTS MORE SUBSECTIONS] of this section do not apply to [MISSING "A TRUSTEE WHO ACCEPTS . . . BEFORE X DATE,] a trust created under an instrument executed before the effective date of this chapter [March 10, 2004]. ADAPTATION OF "AN IRREVOCABLE TRUST . . . OR A REVOCABLE TRUST . . . BEFORE X DATE]

MD

§ 14.5-813. Duties in general.

A

[MISSING "A TRUSTEE SHALL KEEP . . . REASONABLY INFORMED . . . TO PROTECT THEIR INTERESTS."]
(a) Unless unreasonable under the circumstances, a trustee shall promptly respond to the request of a qualified beneficiary for information related to the administration of the trust, including a copy of the trust instrument.
(b) (1) A trustee:
(i) Within 60 days after accepting a trusteeship, shall notify the qualified beneficiaries of the acceptance and of the trustee’s name, address, and telephone number; and
(ii) Within 90 [SUBSTITUTED FOR "60"] days after the date the trustee acquires knowledge of the creation of an irrevocable trust, or the date 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.
(2) Notwithstanding § 14.5–109 of this title, notice required under this subsection shall be:
(i) To the extent the names and locations of the qualified beneficiaries are known to the trustee:
1. By delivery of the notice to the qualified beneficiaries personally; or
2. By sending the notice to the qualified beneficiaries at their last known address by certified mail, postage prepaid, return receipt requested; and (ii) If the name, location, or both of a qualified beneficiary is not known to the trustee, by publication in a newspaper of general circulation in the county where the trust property is located once a week for 3 successive weeks.
[MISSING UTC(b)(4)]

(c) (1) On request by a qualified beneficiary, a trustee shall send to the qualified beneficiary [MTA REFERS ONLY TO "QUALIFIED BENEFICIARY"; MISSING "DISTRIBUTEES OR PERMISSIBLE DISTRIBUTEES" AND MISSING "NONQUALIFIED BENEFICIARIES WHO REQUEST."] [MISSING "AT LEAST"] annually and at the termination of the trust a report of the trust property, liabilities, receipts, and disbursements, including the source and amount of the compensation of the trustee, a listing of the trust assets, and, if feasible, the respective market values of the trust assets.
(2) On a vacancy in a trusteeship, unless a cotrustee remains in office, the former trustee shall send a report to the qualified beneficiaries that request the report.
(3) A personal representative, a guardian, or an attorney–in–fact may send the qualified beneficiaries a report on behalf of the former [SUBSTITUTED FOR "DECEASED OR INCAPACITATED"] trustee.
(d) (1) A qualified beneficiary may waive the right to a trustee’s report or other information otherwise required to be furnished under this section.
(2) A qualified beneficiary, with respect to future reports and other information, may withdraw a waiver previously given.
(3) If a trustee is a qualified beneficiary of the trust for which the trustee is serving, the trustee is not required to provide himself or herself a trustee's report or other information required to be furnished under this section.
(e) Subsection (b) of this section does not apply to a trustee that accepts a trusteeship before January 1, 2015, to an irrevocable trust created before January 1, 2015, or to a revocable trust that becomes irrevocable before January 1, 2015.

VA

§ 64.2-775. Duty to inform and report

A

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 them to protect their interests. Unless unreasonable under the circumstances, a trustee shall promptly respond to a beneficiary's request for information related to the administration of the trust. A trustee who fails [VA(a) PHRASED AS FAILURE TO ACT] to furnish information to a beneficiary or respond to a request for information regarding the administration of the trust in a good faith belief that to do so would be unreasonable under the circumstances or contrary to the purposes of the settlor shall not be subject to removal or other sanctions therefor.
B. A trustee:
1. Upon request of a beneficiary, shall promptly furnish to the beneficiary a copy of the trust instrument;
2. Within 60 days after accepting a trusteeship, shall notify the qualified beneficiaries of the acceptance and of the trustee's name, address, and telephone number;
3. Within 60 days after the date the trustee acquires knowledge of the creation of an irrevocable trust, or the date 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; and
4. Shall notify the qualified beneficiaries in advance of any change in the method or rate of the trustee's compensation.
C. A trustee shall send to the distributees or permissible distributees of trust income or principal, and to other qualified or nonqualified beneficiaries who request it, at least annually and at the termination of the trust, a report of the trust property, liabilities, receipts, and disbursements, including the source and amount of the trustee's compensation, a listing of the trust assets and, if feasible, their respective market values. Upon a vacancy in a trusteeship, unless a cotrustee remains in office, a report shall be sent to the qualified beneficiaries by the former trustee. A personal representative, conservator, or guardian may send the qualified beneficiaries a report on behalf of a deceased or incapacitated trustee.
D. A beneficiary may waive the right to a trustee's report 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.
E. Subdivisions B 2 and B 3 and subsection C apply only [SEE NOTE BELOW] to an irrevocable trust created on or after the effective date of this chapter, and to a revocable trust that becomes irrevocable on or after the effective date of this chapter. [UTC(e) PHRASED AS PROHIBITIVE AND USES "BEFORE X DATE"; WHILE VA(E) PHRASED IN AFFIRMATIVE AND USES "ON OR AFTER." ALSO MISSING "TO A TRUSTEE WHO ACCEPTS A TRUSTEESHIP BEFORE [X DATE]".]

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