(2)(a) Upon request of a qualified beneficiary, a trustee shall promptly furnish to the qualified beneficiary a copy of the trust instrument.
(b) Within a reasonable time after accepting a trusteeship, a trustee shall notify all qualified beneficiaries of the acceptance and of the trustee’s name, address and telephone number.
(c) Except as provided in subsection (10) of this section, within a reasonable time 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, the trustee shall notify the qualified beneficiaries 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 (3) of this section.
(d) A trustee shall notify the qualified beneficiaries in advance of any change in the method or rate of the trustee’s compensation.
(3)(a) Except as provided in subsection (10) of this section, a trustee shall send a trustee report, at least annually and upon termination of the trust, to the permissible distributees of trust income or principal and to other qualified beneficiaries who request the report. The report must include a listing of trust property and liabilities, and must show the market values of trust assets, if feasible. The report must reflect all receipts and disbursements of the trust, including the source and amount of the trustee’s compensation.
(b) Upon a vacancy in a trusteeship, unless a cotrustee remains in office, and if required by the successor trustee or the court, the former trustee shall send a trustee report for the period from the prior report, if any, through the time of vacancy to the qualified beneficiaries of the trust.
(c) A personal representative, conservator or guardian may send the qualified beneficiaries a trustee report on behalf of a deceased or financially incapable trustee.
(4) A qualified beneficiary may waive the right to a trustee report or other information otherwise required to be furnished under this section. A qualified beneficiary may withdraw a waiver at any time for the purpose of future reports and other information.
(5) A trustee may charge a reasonable fee to a beneficiary for providing information under this section.
(6) A beneficiary’s request for any information under this section must be with respect to a single trust that is sufficiently identified to enable the trustee to locate the trust’s records.
(7) If the trustee is bound by any confidentiality restrictions regarding a trust asset, any beneficiary eligible under this section to receive information about that asset must agree to be bound by the same confidentiality restrictions before receiving the information.
(8) Despite any other provision of this section, information, notice and reports required by this section shall be given only to the settlor’s spouse if:
(a) The spouse survives the settlor;
(b) The spouse is financially capable;
(c) The spouse is the only permissible distributee of the trust; and
(d) All of the other qualified beneficiaries of the trust are descendants of the spouse.
(9) Notwithstanding any other provision of this section, while the settlor of a revocable trust is alive, beneficiaries other than the settlor have no right to receive notice, information or reports under this section.
(10) A trustee need not provide a qualified beneficiary with the notice of the right to a trustee’s report under subsection (2)(c) of this section, and need not send trustee reports to the beneficiary under subsection (3) of this section, until six months after a revocable trust becomes irrevocable if the beneficiary’s only interest in the trust is a distribution of a specific item of property or distribution of a specific amount of money. The trustee must provide the notice of the right to a trustee’s report required by subsection (2)(c) of this section at the end of the six-month period if the beneficiary has not received distribution of the specific item of property or specific amount of money before the end of the period. If notice is provided to a qualified beneficiary under this subsection, the trustee must thereafter send trustee reports to the beneficiary until distribution of the specific item of property or specific amount of money. [2005 c.348 §71; 2009 c.275 §18; 2013 c.529 §19]
Note: Section 72, chapter 348, Oregon Laws 2005, provides:
Sec. 72. (1) Section 71 (2)(b) of this 2005 Act [130.710 (2)(b)] applies only to a trustee who accepts a trusteeship on or after the effective date of this 2005 Act [January 1, 2006].
(2) Section 71 (2)(c) of this 2005 Act [130.710 (2)(c)] applies only to irrevocable trusts created on or after the effective date of this 2005 Act and to revocable trusts that become irrevocable on or after the effective date of this 2005 Act. [2005 c.348 §72]
Note: Section 19, chapter 275, Oregon Laws 2009, provides:
Sec. 19. The amendments to ORS 130.710 by section 18 of this 2009 Act apply only to revocable trusts that become irrevocable on or after the effective date of this 2009 Act [January 1, 2010]. [2009 c.275 §19]
Structure 2021 Oregon Revised Statutes
Volume : 03 - Landlord-Tenant, Domestic Relations, Probate
Chapter 130 - Uniform Trust Code
Section 130.005 - UTC 102. Scope.
Section 130.010 - UTC 103. Definitions.
Section 130.015 - UTC 104. Knowledge.
Section 130.020 - UTC 105. Default and mandatory rules.
Section 130.022 - UTC 108. Principal place of administration.
Section 130.030 - UTC 107. Governing law.
Section 130.035 - UTC 109. Methods of giving notice; waiver of notice.
Section 130.040 - UTC 110. Other persons treated as qualified beneficiaries.
Section 130.045 - UTC 111. Nonjudicial settlement agreements.
Section 130.050 - UTC 201. Role of court in administration of trust.
Section 130.055 - UTC 202. Jurisdiction over trustee and beneficiary.
Section 130.065 - UTC 204. Venue.
Section 130.100 - UTC 301. Representation; basic effect.
Section 130.110 - UTC 303. Representation by fiduciaries and parents.
Section 130.120 - UTC 305. Appointment of special representative.
Section 130.150 - UTC 401. Methods of creating trust.
Section 130.155 - UTC 402. Requirements for creation.
Section 130.160 - UTC 403. Trusts created in other states, countries or jurisdictions.
Section 130.170 - UTC 405. Charitable trusts; enforcement.
Section 130.185 - UTC 408. Pet trust.
Section 130.190 - UTC 409. Noncharitable trust without ascertainable beneficiary.
Section 130.193 - Stewardship trust.
Section 130.200 - UTC 411. Modification or termination of irrevocable trust by consent.
Section 130.210 - UTC 413. Cy pres.
Section 130.215 - UTC 414. Modification or termination of uneconomic trust.
Section 130.232 - Division of trust into separate shares or portions; legal effect.
Section 130.235 - In terrorem clause.
Section 130.237 - Abatement due to insufficiency of trust property.
Section 130.240 - Marital deduction gifts.
Section 130.305 - UTC 502. Spendthrift provision.
Section 130.310 - UTC 503. Exceptions to spendthrift provisions.
Section 130.315 - UTC 505. Creditor’s claim against settlor.
Section 130.350 - Statute of limitations.
Section 130.355 - Commencement of proceeding.
Section 130.360 - Limitation on presentation of claims when notice to claimants given.
Section 130.365 - Publication of notice.
Section 130.370 - Notice to individual claimants.
Section 130.375 - Form of claim; evidence in support.
Section 130.380 - Claim based on debt due or judgment.
Section 130.390 - Claim on secured debt that is due.
Section 130.395 - Claim on contingent or unliquidated debt.
Section 130.400 - Allowance and disallowance of claims.
Section 130.425 - Priority of claims.
Section 130.440 - Petition to close case.
Section 130.445 - Dismissal for want of prosecution.
Section 130.450 - Consolidation of proceedings.
Section 130.500 - UTC 601. Revocable trusts generally.
Section 130.505 - UTC 602. Revocation or amendment of revocable trust.
Section 130.510 - UTC 603. Settlor’s powers; powers of withdrawal.
Section 130.525 - Applicability of ORS 130.530, 130.535 and 130.540 to 130.575.
Section 130.535 - Revocation by divorce or annulment.
Section 130.545 - Encumbrance or disposition of property after trust instrument executed.
Section 130.555 - Children of settlors; pretermitted children.
Section 130.560 - Failure of specific distribution.
Section 130.575 - Effect of advancement on distribution.
Section 130.600 - UTC 701. Acceptance or rejection of trusteeship.
Section 130.605 - UTC 702. Trustee’s bond.
Section 130.610 - UTC 703. Cotrustees.
Section 130.615 - UTC 704. Vacancy in trusteeship; appointment of successor.
Section 130.620 - UTC 705. Resignation of trustee.
Section 130.625 - UTC 706. Removal of trustee.
Section 130.630 - UTC 707. Delivery of property by former trustee; report.
Section 130.635 - UTC 708. Compensation of trustee.
Section 130.640 - UTC 709. Reimbursement of expenses.
Section 130.650 - UTC 801. Duty to administer trust.
Section 130.655 - UTC 802. Duty of loyalty.
Section 130.680 - UTC 807. Delegation by trustee.
Section 130.685 - UTC 808. Powers to direct.
Section 130.695 - UTC 810. Recordkeeping and identification of trust property.
Section 130.710 - UTC 813. Duty to inform and report.
Section 130.715 - UTC 814. Discretionary powers; tax savings; inclusion of capital gains in income.
Section 130.720 - UTC 815. General powers of trustee.
Section 130.725 - UTC 816. Specific powers of trustee.
Section 130.730 - UTC 817. When interest of beneficiary vests; distribution upon termination.
Section 130.735 - Appointment of adviser; liability of trustee.
Section 130.750 - Trustee’s duty to comply with prudent investor rule.
Section 130.755 - Prudent investor rule.
Section 130.800 - UTC 1001. Remedies for breach of trust.
Section 130.805 - UTC 1002. Damages for breach of trust.
Section 130.810 - UTC 1003. Damages in absence of breach.
Section 130.820 - UTC 1005. Limitation of action against trustee.
Section 130.835 - UTC 1008. Exculpation of trustee.
Section 130.840 - UTC 1009. Beneficiary’s consent, release or ratification.
Section 130.845 - UTC 1010. Limitation on personal liability of trustee.
Section 130.850 - UTC 1011. Interest as general partner.
Section 130.855 - UTC 1012. Protection of person dealing with trustee.
Section 130.860 - UTC 1013. Certification of trust.
Section 130.900 - Uniformity of application and construction.
Section 130.905 - UTC 1102. Electronic records and signatures.