What must fiduciaries disclose to beneficiaries?

Fiduciaries have a legal and ethical obligation to maintain transparency with beneficiaries regarding the management and administration of assets. This includes disclosing relevant financial information related to the trust, such as current account balances, investment performance, and any income generated. Additionally, fiduciaries must inform beneficiaries about potential conflicts of interest that could impact their decision-making — for example, if the fiduciary has a personal stake in a business that could benefit from trust investments.

Further, it is imperative that fiduciaries disclose any fees they collect for their services. Transparency in fees helps beneficiaries understand the cost of management and ensures that fiduciaries act in the beneficiaries' best interest. This level of disclosure upholds the trust placed in fiduciaries and fosters a relationship based on accountability and integrity.

The other options do not encompass the complete range of information that fiduciaries are required to share. Notably, simply providing the total value of the trust does not give beneficiaries insight into ongoing management or any conflicts that may arise. Similarly, offering personal opinions on investment strategies is subjective and not a requisite for fiduciary communication, while sharing private information about other beneficiaries breaches confidentiality and goes against ethical fiduciary standards.