COURT ACCOUNTING WORKSHOP - DIY TRAINING for TRUSTEES, CONSERVATORS and EXECUTORS. YOU CAN DO IT !

Описание: Please call our office for additional information on Court Accounting, Estate Planning, Wills Trusts and estates as well as Probate cases. We also do a lot of income tax preparation for individuals, estates, real estate investors and business entities.

Questions or comments? Call Rex Crandell Firm at 800 464-6595 or 925 934-6320

State laws require legal trust accounting for probate cases, conservator cases and revocable and irrevocable trusts. Your beneficiaries should be kept reasonably informed regarding the trust and its administration if you have a trust account for an estate or trust.

At least once a year, as well as at termination of a trust and whenever the trustee changes, trustees are required to inform beneficiaries about the assets in trust and how they have been used.

HOW OFTEN DO TRUSTEES NEED TO ACCOUNT?
California Probate Code §16,062 gives beneficiaries the right to demand an accounting at least annually from the trustees. Trustees must also provide an accounting within 60 days if a trust beneficiary demands an accounting in writing.

WHAT IS TRUST ACCOUNTING INCOME?
“Trust accounting income” formula is one of the methods used to determine how much income is available for distribution to beneficiaries by the trustee. A trust’s TAI is calculated by adding all sources of income together and subtracting all expenses. The TAI formula will also be used to prepare the tax returns of the trust in certain circumstances.

WHO IS RESPONSIBLE FOR TRUST ACCOUNTING?
California law requires a trustee to report annually to current trust beneficiaries, i.e., those currently entitled to receive income and principal distributions. Other than the settlor(s) of the trust, all trustees are responsible for account keeping.

As a trustee, trust accounting is extremely important. In case you need assistance completing your legal tasks within a given timeframe, trust accounting is an absolute necessity.

Keeping an attorney on board keeps the trustee in check while also protecting him from such liabilities by ensuring legal procedures are followed. An accounting must, for example, be accompanied by a legal notice, so beneficiaries are aware that they may dispute the accounting within 180 days of receipt. If the trustee petitions the court for approval of the accounting and notifies all beneficiaries, this time can be shortened to 30 days. In the absence of accounting, the trustee remains liable for future court actions.

In case of court approval, a trust accounting should meet the California Probate Code’s requirements too — an attorney should look over the accounting to ensure compliance with the state law.

It is important to note that accountings for trusts in California are governed by the California Probate Code, separate from tax or financial accountings prepared by a certified public accountant. A balanced trust accounting is one where the charges equal the credits.

Rex L. Crandell Firm
Walnut Creek Office
3000 Citrus Circle Suite 207
Mail: P O Box 30305
Walnut Creek, CA. 94598
(925) 934-6320
(800) 464-6595
Fax: 925 934-6325
E-Mail: [email protected]

Questions or comments? Call Rex Crandell Firm at 800 464-6595 or 925 934-6320

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