55-2-14. Duty to provide information regarding revocable trust and its administration.
156 words·~1 min read·
/sd/title-55/chapter-55-2/55-2-14A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A trustee of a revocable trust:
(1)Subject to subdivision 3 below, shall keep the settlor reasonably informed of the trust and its administration;
(2)Unless otherwise provided in the trust instrument, does not have a duty to inform a trust beneficiary of the trust and its administration, other than the settlor or, if the trustor is an incapacitated person, the trustor's designated agent;
(3)Unless otherwise provided in the trust instrument, if the trustee obtains actual knowledge that the settlor of a revocable trust is an incapacitated person and has no designated agent, the trustee may in its sole discretion keep each interested trust beneficiary, who, if the settlor were then deceased, would be a current trust beneficiary, reasonably informed of the trust and its administration. Notwithstanding the provisions of the trust instrument, upon good cause shown, the court may order the trustee to keep other beneficiaries reasonably informed of the trust and its administration.