Wills, Trusts, and Estates
This duty requires that a trustee respond promptly to a beneficiary's request for information about the administration of the trust and also to make affirmative disclosures to the beneficiaries of significant developments or intended transactions.
The settlor of a trust can limit the trustee's duty to account to the beneficiaries, but he can not completely eliminate it. A beneficiary always has a right to information reasonably necessary for the protection of his interest in the trust.
A trustee is not liable to a beneficiary for a breach if the facts of the breach are fairly disclosed in a formal accounting, filed with the court and served on the beneficiary, to which the beneficiary does not timely object.