Section 15. (a) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property (i) once each year, (ii) upon request at reasonable times by the beneficiary or the beneficiary's legal representative, (iii) upon resignation or removal of the custodial trustee, and (iv) upon termination of the custodial trust. The statements shall be provided to the beneficiary or to the beneficiary's legal representative, if any. Upon termination of the beneficiary's interest, the custodial trustee shall furnish a current statement to the person to whom the custodial trust property is to be delivered.
(b) A beneficiary, the beneficiary's legal representative, an adult member of the beneficiary's family, a person interested in the custodial trust property, or a person interested in the welfare of the beneficiary may petition the court for an accounting by the custodial trustee or the custodial trustee's legal representative.
(c) A successor custodial trustee may petition the court for an accounting by a predecessor custodial trustee.
(d) In an action or proceeding under this chapter or in any other proceeding, the court may require or permit the custodial trustee or the custodial trustee's legal representative to account. The custodial trustee or the custodial trustee's legal representative may petition the court for approval of final accounts.
(e) If a custodial trustee is removed, the court shall require an accounting and order delivery of the custodial trust property and records to the successor custodial trustee and the execution of all instruments required for transfer of the custodial trust property.
(f) On petition of the custodial trustee or any person who could petition for an accounting, the court, after notice to interested persons, may issue instructions to the custodial trustee or review the propriety of the acts of a custodial trustee or the reasonableness of compensation determined by the custodial trustee for the services of the custodial trustee or others.
Structure Massachusetts General Laws
Part II - Real and Personal Property and Domestic Relations
Chapter 203b - Uniform Custodial Trust Act
Section 2 - Creation; Termination; Augmentation of Trust Property; Designation of Successor Trustee
Section 3 - Designation as Substitute or Successor Custodial Trustees
Section 4 - Custodial Trustee's Acceptance
Section 5 - Transfer of Trust Property for Use and Benefit of Incapacitated Individual
Section 6 - Multiple Beneficiaries; Right of Survivorship
Section 7 - Vesting Title; Management of Trust Property; Duties
Section 8 - Trustee's Rights and Powers Over Trust Property
Section 9 - Payments to Beneficiaries
Section 10 - Administration of Trust for Incapacitated Beneficiary; Determination of Incapacity
Section 11 - Third Person Dealing With One Purporting to Act as Trustee
Section 12 - Claims Against Trust Property; Trustee, Beneficiary Liability
Section 13 - Trustee Declining to Serve; Resignation; Petition for Removal
Section 15 - Written Statement of Property and Administration; Petition for Accounting
Section 16 - Claims for Relief; Time Limitations
Section 17 - Termination of Trust; Order of Distribution