Clearer Trustee Duties
Effective January 1, 2012, a number of changes to Washington law pertaining to trusts and estates will become effective. One of these changes is the codification of a trustee’s duty to notify the beneficiaries of the existence of a trust and keep those beneficiaries informed regarding the trust’s administration. This rule will apply to irrevocable trusts established after December 31, 2011, and to revocable trusts that become irrevocable after this date. Another important component to this change is that the maker of a trust, otherwise known as a “trustor”, cannot relieve the trustee of this duty. Previously, the law has been a bit unclear as to what, when and to whom information about a trust and its assets has to be provided.
