Trustee Alert!

The Maryland Trust Act (MTA) takes effect on January 1, 2015. Under the MTA, these provisions only apply to (1) a trustee who accepts a trusteeship on or after January 1, 2015; (2) an irrevocable trust created on or after January 1, 2015; and (3) a revocable trust that becomes irrevocable on or after January 1, 2015.

Listed below is a summary of some of the Trustee’s duties to the “qualified beneficiaries” who are 25 years of age:

  • A trustee must promptly respond to a qualified beneficiary’s request for information related to the administration of the trust unless unreasonable under the circumstances.
  • A trustee has an affirmative duty to notify the qualified beneficiaries within 60 days of acceptance of a trusteeship and of the trustee’s contact information.
  • A trustee has an affirmative duty to notify the qualified beneficiaries of a trust’s existence, the identity of the settlor or settlors, the beneficiary’s right to request a copy of the trust instrument, and the right to a trustee’s report within 90 days of the trustee’s knowledge if the trust.
  • A trustee must send a trustee report to all qualified beneficiaries requesting such report, annually, upon the termination of the trust, and upon a trustee vacancy unless there is a co-trustee.

This is just a brief synopsis of the Maryland Trust Act, so if you have any questions or concerns, please feel free to contact Evelyn Blue via Email or by calling 301-652-6700.