Is a trust confidential?
A trust is not considered confidential when the trustee is given discretion to provide statements to beneficiaries.
However, families establishing irrevocable trusts to transfer wealth worry about the impact access to large sums of wealth could have on their beneficiaries..
Can you find out who owns a trust?
The name of a trustee is private as trusts are private documents that are not recorded. If you are a beneficiary you will have access to the name of the trustee. If not, unless you have a court order, you cannot get this information.
Who owns the assets in a trust?
Nobody owns the assets of the trust. The assets are held by the trustee and the trustee decides who gets the profits and who gets the assets. Unlike companies, you are entitled to the 50% capital gains tax discount on any assets held for more than 12 months which You sell at a profit.
How do I find my trust account?
Trust account documents are private, but they can be located in several ways. Call or write your attorney. If you used legal assistance to establish your trust account, the attorney will have a record of the interactions on file. He will also have copies of any trust account documents created by his office.
Can a family member contest a trust?
A trust can be contested for many of the same reasons as a will, including lack of testamentary capacity, undue influence, or lack of requisite formalities. The beneficiaries may also challenge the trustee’s actions as violating the terms and purpose of the trust.
Who is entitled to a copy of a trust?
Trusts are private documents and as long as the Trust can be revoked, no one other than the Trust creators are entitled to receive a copy of it. Of course, your parents could provide you with a copy of their Trust voluntarily, but that is their choice to make, not yours.