The beneficiaries are the equitable owners of the trust property, which is different from bare legal ownership. The trustee is merely holding and managing the trust assets. Accordingly, the trust beneficiaries are entitled to receive (1) enough information about the terms of the trust to be able to assess the extent of their rights and to determine if a breach of trust has occurred, and (2) complete and accurate information about the nature and extent of the trust property, including access to trust records and accounts. When administering a single-person trust after the death of the settlor, the successor trustee must:
Make an inventory of assets
Pay debts and taxes, and
Distribute the remaining assets to the designated beneficiaries, including any on going successor trusts.