Within the framework of a trust agreement, fiduciaries are granted significant discretion, but should they always consider beneficiary input? While the trust provides guidelines for administration, it's crucial to remember that the ultimate goal is to benefit the beneficiary. This often calls for a thoughtful consideration of their perspectives.
One key area where beneficiary input is invaluable is in financial matters. Fiduciaries may have discretion over payments, guided by standards for health, education, maintenance, and welfare. Additionally, the trust may require the fiduciary to take into account other sources of income for the beneficiary. In all these situations, the fiduciary's decisions should be informed by what best serves the beneficiary's interests.
Moreover, when it comes to investing trust principal within a subtrust designated for an individual beneficiary, their insights can be invaluable. Suggestions about the type and location of investments can help shape the subtrust's growth. Alongside beneficiary input, fiduciaries may also seek advice from financial experts. Many trusts grant fiduciaries the power to consult not only with beneficiaries but with other trusted advisors as well.
Remember, beneficiaries have established rights, including access to detailed information about trust administration. If you feel your rights as a beneficiary are not being honored or your voice is not being heard, reach out to TRESP LAW, APC for a complimentary consultation. Your interests matter.
