2006 Kansas Code - 58a-813

      58a-813.   Duty to inform and report. (a) A trustee shall keep the qualified beneficiaries and permissible current distributees of the trust income or principal 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 qualified beneficiary's and a permissible current distributee's request for information related to the administration of the trust.

      (b)   A trustee:

      (1)   Upon request of a qualified beneficiary or a permissible current distributee, shall promptly furnish to the qualified beneficiary or permissible current distributee a copy of the trust instrument;

      (2)   within 60 days after accepting a trusteeship, shall notify the qualified beneficiaries and permissible current distributees of the acceptance and of the trustee's name, address, and telephone number;

      (3)   within 60 days after the date the trustee acquires knowledge of the creation of an irrevocable trust, or the date the trustee acquires knowledge that a formerly revocable trust has become irrevocable, whether by the death of the settlor or otherwise, shall notify the qualified beneficiaries and permissible current distributees of the trust's existence, of the identity of the settlor or settlors, of the right to request a copy of the trust instrument and of the right to a trustee's report as provided in subsection (c); and

      (4)   shall notify the qualified beneficiaries and permissible current distributees in advance of any change in the method or rate of the trustee's compensation.

      (c)   A trustee shall send to the distributees or permissible current 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 including 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, and if requested, the trust's association of investment management and research compliant rate of return. 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 and permissible current distributees a report on behalf of a deceased or incapacitated trustee.

      (d)   A qualified beneficiary or permissible current distributee may waive the right to a trustee's report or other information otherwise required to be furnished under this section. A qualified beneficiary or permissible current distributee, with respect to future reports and other information, may withdraw a waiver previously given.

      (e)   The provisions of this section are inapplicable to persons other than a surviving spouse so long as a surviving spouse is or may be entitled to receive income or principal distributions from a trust, or holds any power of appointment therein, and where any or all qualified beneficiaries are the issue of the surviving spouse.

      (f)   As used in this section "permissible current distributee" means a person presently entitled to receive, subject to the discretion of the trustee, income or principal.

      History:   L. 2002, ch. 133, § 70; L. 2004, ch. 158, § 13; July 1.