{"data":{"id":"us-ky/krs-386b.8-130","jurisdiction":"us-ky","citation":"KRS 386B.8-130","heading":"Duty to inform and report.","body":"(1) Except as otherwise provided in the terms of the trust:\n(a) A trustee shall keep the qualified beneficiaries of the trust reasonably\ninformed about the administration of the trust and of the material facts\nnecessary for them to protect their interests. Unl ess unreasonable under the\ncircumstances, a trustee shall promptly respond to a qualified beneficiary's\nrequest for information related to the administration of the trust;\n(b) A trustee:\n1. Within sixty (60) days after accepting a trusteeship, shall notify  the\nqualified beneficiaries of the acceptance and of the trustee's name,\naddress, and telephone number;\n2.  Within sixty (60) days after the date the trustee acquires knowledge of\nthe creation of an irrevocable trust, or the date the trustee acquires\nknowledge that a formerly revocable trust has become irrevocable,\nwhether by the death of the settlor or otherwise, shall notify the qualified\nbeneficiaries of the trust's existence, of the identity of the settlor or\nsettlors, of the right to request a copy of  the trust instrument, and of the\nright to a trustee's report as provided in paragraph (c) of this subsection;\nand\n3. Shall notify the qualified beneficiaries in advance of any change in the\nmethod or rate of the trustee's compensation;\n(c) A trustee, upon request of a qualified beneficiary, shall:\n1. Promptly furnish to the qualified beneficiary a copy of the trust\ninstrument; and\n2. Send to the qualified beneficiary, at least annually and at the termination\nof the trust, a report of the trust property, li abilities, receipts, and\ndisbursements, including the source and amount of the trustee's\ncompensation, a listing of the trust assets and, if feasible, their\nrespective market values. Upon a vacancy in a trusteeship, unless a\ncotrustee remains in office, a report shall be sent to the qualified\nbeneficiary by the former trustee. A personal representative, conservator,\nguardian, or curator may send the qualified beneficiary a report on\nbehalf of a deceased or incapacitated trustee; and\n(d) A qualified benefici ary may waive the right to a trustee's report or other\ninformation otherwise required to be furnished under this section. A qualified\nbeneficiary, with respect to future reports and other information, may\nwithdraw a waiver previously given; and\n(2) Notwithstanding subsection (1) of this section and regardless of the terms of the\ntrust, the trustee shall have a duty to notify and to report to at least one (1) qualified\nbeneficiary of an irrevocable trust who has attained twenty-five (25) years of age, or\na designated person having a fiduciary relationship to a qualified beneficiary, of the\nexistence of the trust, of the identity of the trustee, and of his or her right to request\ntrustee's reports. If the terms of the trust mandate a trustee to notify no one, then the\ntrustee may designate a qualified beneficiary or person having a fiduciary\nrelationship to a qualified beneficiary to notify and report to, and such designation\nby the trustee is not subject to any liability for breach of trust or otherwise.\n(3)  Subsections (1)(b)1. and 2. and (2) of this section do not apply to a trustee who\naccepts a trusteeship before July 15, 2014, to an irrevocable trust created before July\n15, 2014, or to a revocable trust that becomes irrevocable before July 15, 2014.\n(4) The District Court shall have exclusive jurisdiction over matters under this section.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=43135","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:19Z","sha256":"43d118a09661e0a0b824215fa5326f7e284c79a7f2b229374f46b4546b08a087","source_id":"us-ky","stale":false,"prev":"us-ky/krs-386b.8-120","next":"us-ky/krs-386b.8-140"},"notice":"GroundRules: Original legal text. Not legal advice."}