A trust involves the holding of property for the benefit of another. The relationship is legal in nature; the person appointed to oversee the trust, known as the trustee, has certain responsibilities to the beneficiaries, or those entitled to receive under the terms of the trust. Part of this duty is to provide regular accounting and keep the beneficiaries reasonably informed.
A trustee must disclose information about the trust to the beneficiaries upon request. Further, many states require that a trustee provide at least an annual accounting of all transactions as well as current values and liabilities associated with trust property. This is true regardless of whether the terms of the trust specify a longer period, unless the beneficiaries waive this right in writing. If the trustee fails to keep the beneficiaries reasonably informed or provide annual accounting, the beneficiaries can petition the court for the trustee's removal on the basis of a breach of the trust.