Connecticut General Statutes 45a-499ooo – Distribution of trust property upon termination
(a) Upon termination or partial termination of a trust, the trustee may send to the qualified beneficiaries a proposal for distribution. If the proposal informed the beneficiary of the right to object and of the time allowed for objection, the right of any beneficiary, to whom the trustee has sent the proposal, to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection not later than thirty days after the date on which the proposal was sent.
Terms Used In Connecticut General Statutes 45a-499ooo
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means a person that (A) has a present or future beneficial interest in a trust, vested or contingent. See Connecticut General Statutes 45a-499c
- Breach of trust: includes a violation by a trust director or trustee of a duty imposed on the director or trustee by the terms of the trust, sections 45a-499a to 45a-500s, inclusive, or law of this state other than sections 45a-499a to 45a-500s, inclusive, pertaining to trusts. See Connecticut General Statutes 45a-499c
- Property: means anything that may be the subject of ownership, whether real or personal and whether legal or equitable, or any interest therein. See Connecticut General Statutes 45a-499c
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional and successor trustee and a cotrustee. See Connecticut General Statutes 45a-499c
(b) Upon the occurrence of an event terminating or partially terminating a trust, the trustee shall proceed expeditiously to distribute the trust property to the persons entitled to it, subject to the right of the trustee to retain a reasonable reserve for the payment of debts, expenses and taxes.
(c) A release by a beneficiary of a trustee from liability for breach of trust is invalid to the extent: (1) It was induced by improper conduct of the trustee; or (2) the beneficiary, at the time of the release, did not know of the beneficiary’s rights or of the material facts relating to the breach.
(d) The provisions of this section do not apply to testamentary trusts.