Accurate accounting and reporting of the assets and expenditures governed by the terms of a trust instrument are essential responsibilities of a trustee, with most states requiring trustees to provide trust beneficiaries with an itemized accounting of the trust’s assets and expenses on at least an annual basis.
Doing so requires trustees to keep consistently up-to-date records, not only to protect the interests of the trust beneficiaries, but also so the trustee can accurately, and timely, pay expenses associated with administration of the trust, such as taxes that may become due.
Trustees have strict fiduciary duties in the management of a trust, and accounting requirements are intended to protect trust beneficiaries. Our attorneys provide significant experience and counsel to trustees and trust beneficiaries alike on the exact requirements of each trust instrument and state law for trustee accountings.
Our objective in working with trustees is to advise and achieve a crystal clear, transparent reporting to trust beneficiaries of the administration and management of trust assets within the scope of a trustee’s fiduciary duties, both under the trust instrument and state law.
The attorneys of Schmidt Basch,LLC offer a wealth of experience handling any aspect of trustee accountings, and we assist and advise trustees throughout the reporting process as needed, including help with:
- Maintaining complete, accurate records
- Keeping trust beneficiaries informed
- Managing trust assets
- Compliance with state and federal regulations
- Detailed explanations of expenditures & disbursements
- Preparation of financial statements
Contact Schmidt Basch,LLC
Personal • Professional • Proficient
If you need help with Trustee Accounting, having the right representation is important.
Contact Schmidt Basch,LLC today, and our team will promptly reach out to schedule your consultation.