Following the creation of a trust, the administrator, or trustee, of the trust holds responsibility for many tasks, most notably the distribution or investment of the funds and assets held in the trust as directed by the trustor. In addition to distributing assets, the administrator is responsible for filing a detailed accounting of the trust whenever requested by the trustor, beneficiaries or the court. In cases involving a trustee who is not an attorney or accountant, understanding the proper procedure for filing a trustee accounting can be difficult.
At Gorman & Jones, PLC, our Phoenix trustee accountings lawyers offer detailed advice on the proper accounting methods and the process involved in requesting an accounting or completing the necessary accounting. We work closely with trustors, trustees and beneficiaries alike, and have the skills and knowledge needed to address each of your specific trustee accounting concerns.
As a trustee, you will be required to complete detailed and comprehensive records of the trust, including all expenses, distributions and the status of the account. A full accounting will include:
As a beneficiary or trustor, you have the right to request a trustee accounting at any time, unless the terms of the trust itself prohibit it. In some cases, including those in which it is difficult to understand who you must request the accounting from, the trustee refuses to provide the information or the trustee provides incomplete information, it may be necessary to file a formal petition with the court. In extreme situations, the trustee may be removed for failing to comply with proper trustee accounting requirements.
Our attorneys offer detailed advice on the proper steps for filing a petition, as well as information on your rights or options to remove the trustee if they refuse or fail to provide the required accounting documents.
Contact us online or call 623-974-5585 to discuss your specific trustee accounting concerns with one of our experienced lawyers.