One task that a trustee typically needs assistance with is preparing the trust accounting. If a trust accounting contains errors, it can be rejected by the court. Below are some tips to help ensure that your trust accounting is approved:
  • List the check number used to pay each specific expense of the estate
  • Document the date the bill was paid
  • Provide the name of the payee receiving the payment and the exact amount paid
  • Enter an explanation for the expense or the purpose of the payment
  • Be sure to clarify the time period for the accounting
  • Identify losses on the sale or other disposition of assets
  • Disclose net losses from a business
  • Document distributions made to any beneficiaries
  • Provide a detailed account of your time when requesting compensation

If you have further questions or need assistance with a trust accounting, contact The Legacy Lawyers today. If you have been appointed to administer a trust, you are responsible for completing several tasks, and there is little room for error. Don’t despair. We have helped hundreds of people in your situation. Just call to schedule your no-cost consultation: (714) 963-7543. We can minimize your stress, reduce exposure to personal liability and guide you through an orderly process. At The Legacy Lawyers, we are dedicated to your peace of mind.