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Records · 5 мин чтения
What the statute provides
A trustee keeps adequate records of the administration of the trust, keeps trust property separate from the trustee's own property, and causes the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary (Utah Code § 75B-2-808). A trustee who maintains records clearly indicating the respective interests may invest the property of two or more separate trusts as a whole.
The report that rests on the record
The trustee's report — sent at least annually and at termination to the qualified beneficiaries who request it — lists the trust property, liabilities, receipts and disbursements, the compensation or a fee schedule, the assets and, if feasible, their market values (Utah Code § 75B-2-811(3)). A report that adequately discloses a potential claim and states the time allowed starts the six-month period of § 75B-2-1005; a report that leaves an item out leaves the period open. Reimbursement of expenses properly incurred rests on the same record (§ 75B-2-709).
Practical habits
A separate account titled to the trustee under the trust's own employer identification number; a receipt or invoice for every disbursement, filed by date; a note of the reason for each discretionary decision (Utah Code § 75B-2-812); the date and method of every notice sent (§ 75B-2-109); each beneficiary's request for a report, waiver or withdrawal (§ 75B-2-811(4)); and a copy of every report with the date it went out. The record is what a successor, a court or a beneficiary's attorney will ask for, and it is what makes the limitation periods run.
Законы, дословно
Limitation of action against trustee
Utah Code § 75B-2-1005 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Reimbursement of expenses
Utah Code § 75B-2-709 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Recordkeeping and identification of trust property
Utah Code § 75B-2-808 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Duty to inform and report
Utah Code § 75B-2-811 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Частые вопросы
Does a Utah trustee have to keep trust money separate?
Yes. A trustee keeps trust property separate from the trustee's own property and designates it so the trust's interest appears, to the extent feasible, in records kept by someone other than a trustee or beneficiary (Utah Code § 75B-2-808).
How long should a Utah trustee keep records?
The statute sets no period. The periods that depend on the record — six months after an adequately disclosing report, and one year after the trustee's departure or the trust's end (Utah Code § 75B-2-1005) — are the shortest reason to keep it; many trustees keep the record for years beyond them.
What does a Utah trustee's report rest on?
The ledger of receipts and disbursements, the asset list with values, the compensation record and the liabilities — the contents Utah Code § 75B-2-811(3) lists.
По теме
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