The trustee of a revocable trust does not have to tell future beneficiaries about the trust, what is in it, or how it is administered.
If a trust is irrevocable or when a revocable trust becomes irrevocable (usually because the settlor dies or becomes incapacitated), beneficiaries have certain rights based upon their beneficial interests set out in the trust. The trustee of an irrevocable trust must give the current and future beneficiaries information for them to protect their interests.
For an irrevocable trust, a trustee shall promptly furnish a copy of the trust upon request of a beneficiary. Once the trustee accepts trusteeship, within 120 days of acceptance the trustee must notify the qualified beneficiaries of the acceptance and of the trustee’s name, address, and telephone number. Within 120 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, the trustee must notify the qualified beneficiaries of the trust’s existence, of the identity of the settlors, of the right to request a copy of the trust instrument, and of the right to a trustee’s report. The trustee is required to notify the qualified beneficiaries in advance of any change in the method or rate of the trustee’s compensation.
A trustee is required to send a report at least annually, and at the termination of the trust to the distributees of trust income or principal, and to other beneficiaries who request it, showing the trust property, liabilities, receipts, and disbursements, including the source and amount of the trustee’s compensation and list of the trust assets.