§ 59-16-13 — (813) Duty to inform and report

North Dakota § 59-16-13

• Jurisdiction: North Dakota
• Title 59: Trusts, Uses, and Powers
• Ch. 59-16: Duties and Powers of Trustee

Text

1. Subject to section 59-14-03, while a trust is revocable or to the extent that trust
property in an irrevocable trust is subject to a power of withdrawal, or to the extent that
the qualified beneficiary of an irrevocable trust is then unknown because a person
holds a power to change the qualified beneficiary, the duty of the trustee as set forth in
subsection 2, to inform and report are owed exclusively:
a. To the settlor, while a trust is revocable;
b. To the holder of the power of withdrawal to the extent the trust property is subject
to the power during the period in which the power may be executed; and
c. To the holder of the power to change the qualified beneficiary of an irrevocable
trust during the period in which the power may be exercised; and
d. To a qualified beneficiary when the qualified beneficiary is required by law or
regulation to provide that information to determine eligibility for benefits or to
verify continued eligibility for benefits under title 50.
2. With respect to trust property in an irrevocable trust which is not subject to a power of
withdrawal and which is not subject to a power to change the qualified beneficiary:
a. A trustee shall keep the qualified beneficiaries of the trust reasonably informed
about the administration of the trust and of the material facts necessary for them
to protect their interests. Unless unreasonable under the circumstances, a trustee
shall promptly respond to a beneficiary's request for information related to the
administration of the trust.
b. A trustee upon written request shall promptly furnish to a qualified beneficiary a
copy of the portion of the trust instrument which relates to the interest of a
qualified beneficiary.
c. A trustee within sixty days after accepting a trusteeship shall notify the qualified
beneficiaries of the acceptance and of the trustee's name, address, and
telephone number.
d. A trustee shall notify the qualified beneficiaries of the trust existence, of the
identity of the settlor, of the right to request a copy of the trust instrument, and of
the right of the trustee's report as provided in subdivision f within sixty days after
the date the trustee acquires knowledge:
(1) Of the creation of an irrevocable trust; or
(2) That a formerly revocable trust has become irrevocable.
e. A trustee shall notify the qualified beneficiaries of any change in the method or
rate of the trustee's compensation.
f. A trustee shall send to the distributees or permissible distributees of trust income
or principal, and to other qualified beneficiaries who request it, at least annually
and at the termination of the trust, a report of the trust property, liabilities,
receipts, and disbursements, including the source and amount of the trustee's
compensation, a listing of the trust assets and, if feasible, their respective market
values. Upon a vacancy in a trusteeship, unless a cotrustee remains in office, a
report must be sent to the qualified beneficiaries by the former trustee. A personal
representative, conservator, or guardian may send the qualified beneficiaries a
report on behalf of a deceased or incapacitated trustee.
g. A beneficiary may waive the right to a trustee's report or other information
otherwise required to be furnished under this section. A beneficiary, with respect
to future reports and other information, may withdraw a waiver previously given.

h. Subdivisions c and d do not apply to a trustee that accepts a trusteeship before
August 1, 2007, to an irrevocable trust created before August 1, 2007, or to a
revocable trust that becomes irrevocable before August 1, 2007.