C RY D E R P O I N T MARCH 18 The Elder Law Minute TM New York Trustee’s Duty to Inform BY RONALD A. FATOULLAH, ESQ. AND YAN LIAN KUANG-MAOGA, ESQ. Trusts are widely used for a multi-tude of reasons. In creating a trust, a legal relationship is established between the named trustee and the beneficiaries of the trust. While a trustee is endowed with many pow-ers over the trust, this trusteeship also comes along with many duties. The duty to inform is one that we will explore in this article. New York State law does not cur-rently require a trustee to disclose any information relating to the trust unless requested to do so by a beneficiary. In these situations, the trustee may simply provide the in-formation requested. It is import-ant for any trustee to keep open communication with beneficiaries, and even good practice to disclose information about the administra-tion of the trust. This is important because a trustee has a duty to act in good faith; therefore, open dis-closure of information is generally indicative of a trustee acting ac-cordingly. ELDER LAW For this reason, a trustee can also elect to provide information to a trust’s beneficiaries of his own ac-cord. The content and timing of such disclosures initiated by the trustee depend on the type of trust and the needs of the beneficiaries. A trustee should closely review and familiarize himself with the terms of the trust and the intent of the creator of the trust. The trustee should identify the beneficiaries of the trust and determine their in-terest, which could be an interes t in current income generated by the trust’s assets, an interest in the principal, or an interest in the re-mainder. Generally, at a minimum, it is recommended that a trustee pro-vide a copy of the trust and the contact information of the trustee to all the current beneficiaries. 18 CRYDER POINT COURIER | MARCH 2017 | WWW.QUEENSCOURIER.COM Once a trust terminates, remainder beneficiaries should be informed of the termination of the trust, and be given another copy of the trust, along with the contact information of the trustee. The following are additional items of information a trustee may elect to disclose de-pending on the circumstances: The expected timeframe for any distributions from the trust The method to request payment from the trust when the trust gives a beneficiary the right to request payments. For example, in a special needs trust, the beneficiary must send his or her bills to a trustee to be paid directly to vendors. Restrictions on the trustee relat-ing to distributions. For example, a trust may provide that trust funds can be used for all expenses except to purchase cigarettes. Annual informal account Compensation of the trustee and the method of calculation Without specific guidance from the law, a trustee should review with her attorney what informa-tion, if any, she should disclose. It is critical for a trustee to recognize that she has a duty to be loyal to the beneficiaries of the trust. While the law does not require the trustee to disclose information unless she is asked, it is best practice for the trustee to maintain a good relation-ship with beneficiaries. A trustee can avoid any unnecessary legal proceedings against her and the resulting liability by having open communication with the benefi-ciaries. A trustee should avoid the appearance of hiding information from the beneficiaries. Ronald A. Fatoullah, Esq. is the principal of Ronald Fatoullah & Associates, a law firm that concen-trates in elder law, estate planning, Medicaid planning, guardianships, estate administration, trusts, wills, and real estate. Yan Lian Kuang- Maoga is an elder law attorney with the firm. The law firm can be reached at 718-261-1700, 516- 466-4422, or toll free at 1-877-EL-DER- LAW or 1-877-ESTATES. Mr. Fatoullah is also a partner with Ad-vice Period, a wealth management firm, and he can be reached at 424- 256-7273. RONALD FATOULLAH ESQ, CELA* editorial Five Tips to Manage Your Time Dear Mindy – I often feel over-whelmed at work and don’t know how to get everything done in the day. Do you have any tips to help me manage my time? Overwhelmed in Queens Dear Overwhelmed - When we complain about not having enough time in our day, we are really talking about the inability to prioritize what’s MOST important and elim-inate or reduce what isn’t. When you learn how to effectively manage your time, you can stop feeling over-whelmed and focus on being more creative and productive. Try these five ideas to become more productive and put more joy in your day! 1. Know your personal TIME WASTERS - Write down how much time you spend on each task for one week. Then analyze the tasks that take the most time. When you see how much time you’re spending on a particular task you may choose to spend that time differently or find more effective ways to accomplish the same thing. Take some time to discover technology tools that may help you organize your tasks. 2. Find one new thing to DEL-EGATE - Do you really need to do everything on your plate? Or could someone else, perhaps a team mem-ber or a friend develop and learn from doing one of your tasks? Give someone else the opportunity to learn something new and reap mul-tiple benefits! 3. SET A TIMER when using So-cial Media - It’s easy to get drawn into the wide variety of information on the internet. There are pictures to view, interesting links to open and updates from friends and colleagues. Before we know it an hour or more has passed and we end up scram-bling to finish what we started to do. Sometimes the time spent on the in-ternet is positive because it may en-ergize us or give us the opportunity to connect with others. Other times it is just another Time Waster! The trick is to do it CONSCIOUSLY. Whether it’s for work or pleasure, set a time limit and then enjoy guilt-free internet time. 4. CHALLENGE the interrup-tions - We tend to assume interrup-tions are important and therefore drop what we’re doing to help some-one else. While we can’t stop people from interrupting us, we can change how we respond. So, PAUSE before saying YES and ask yourself, “Is this interruption more important than what I’m currently doing?” OR can it wait until another time? 5. TOP Three List - Make a list every night of the top three things you want to accomplish the next day. The items you prioritize could be anything from sending birth-day wishes to finishing a project or writing a blog post. Then make a commitment to start each day by completing the top three items on your list before anything else. Mindy Stern, SPHR, SHRM-SCP, ACC is a trusted HR advisor, ca-reer and leadership coach, author, speaker and president of AIM Re-source Group Inc. Visit the website at www.aimresourcegroup.com or call 718-217-1074 if you would like to learn more about leadership or provide leadership training to your staff. EMPLOYMENT MATTERS MINDY STERN SPHR, SHRM-SCP,
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