Trust accounting requirement
As the successor trustee of my parents' trust I'm told I have to provide some sort of accounting to the beneficiaries. What do I need to do?
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Tax Professional Answers
Charles Woodson, EA
A trust accounting reports to beneficiaries the status of all trust activity over a certain period of time (often for annual reporting). Probate law makes this a requirement when requested in writing by a beneficiary once the original trustors (aka settlors) are deceased. This is standard procedure when the trust terminates and final distributions of trust (or estate) assets is being made.
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308 weeks ago