Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Tuesday, April 28, 2009

A trustee has the duty to inform a beneficiary of the settlor’s revocation of the trust

Kentucky UPC § 7-303 requires the trustee to keep the beneficiaries of the trust “reasonably informed of the trust and its administration.”

Over a sole dissent, the court in JP Morgan Chase Bank, N.A. v. Longmeyer, 275 S.W.3d 697 (Ky. 2009), held that the identical provision of Kentucky law imposes on the trustee of a revocable trust a duty to inform the beneficiaries of the revocation of the trust under circumstances which could indicate the exercise of undue influence on the settlor.

The duty exists even though the trustee honored the revocation, entered into a custodial agreement with the new trustee, and notified the beneficiaries of the revoked trust only after the new trustee terminated the custodial agreement.

https://lawprofessors.typepad.com/trusts_estates_prof/2009/04/a-trustee-has-the-duty-to-inform-a-beneficiary-of-the-settlors-revocation-of-the-trust.html

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