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Under California Probate Code §16062, trustees must account to each beneficiary at least annually, at the termination of the trust, and upon a change of trustee. Trustees must also provide an accounting within 60 days if a trust beneficiary demands an accounting in writing.

In the state of California, an estate is required to go through probate if the decedent's estate is worth less than $166,250.

Real or personal property that the person who died owned with someone else (joint tenancy) Property (community, quasi-community, or separate) that passed directly to the surviving spouse or domestic partner. Life insurance, death benefits or other assets not subject to probate that pass directly to the beneficiaries.

Does a Will have to be probated? The answer is “maybe.” Some specific assets may be subject to distribution by the probate court, and some may not.

Personal representatives (i.e., executors and administrators of the estate) are required to provide beneficiaries and other interested parties (i.e., persons or entities with a financial stake in the estate) with financial information about the estate they are overseeing.

The Basics of California Trust Accountings A trust, by its terms, can waive the right to an accounting, but a court can still order an accounting to be created where a beneficiary shows that a breach of trust is likely to have occurred.

Section 16063 of the Probate Code requires accountings to contain the following information: a statement of receipts and disbursements of trust principal and income occurring either during the last complete fiscal year of the trust or since the last accounting was made.

2 When certain conditions exist, however, the accounting may be waived, releasing the executor or administrator from his fiduciary duty. Since relief from the duty of accounting means a savings in time and expense in probating an estate, the busy attorney should be aware of those situations where waiver is applicable.

Waiver of probate accounting All persons entitled to a distribution from the estate have executed and filed a written waiver of account or a written acknowledgment that their interest in the estate has been satisfied. The interest of every person entitled to distribution from the estate has been satisfied in full.