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Trust accounting is a detailed record that includes information about all income and expenses of a trust. Information that should be included in a trust accounting includes details regarding: Taxes paid, disbursements made to trust beneficiaries, and gains and losses on trust assets.

Formal or Informal Accounting Typically, when trust lawyers refer to a “formal” accounting, we mean an accounting filed in probate court subject to court approval. Whereas an “informal” accounting is pretty much the same document that is not filed in court.

A trust accounting is part of the trustee's regular duties. An accounting details the financial transactions. It begins with a list of assets at the beginning of the period, accounts for any receipts, income and expenses, gains, losses and ends with a list of assets at the end of the period.

WHAT SHOULD TRUST ACCOUNTING INCLUDE? Account statement showing all principal and income held by the trust during the previous fiscal year or from the last account. Detailed breakdown of assets and liabilities as of the end of the last complete fiscal year for the trust or the end of the period covered by the account.

Conceptually, trust accounting is simple. Keep money that isn't yours in a separate account so that you don't accidentally spend it. This includes unearned fees (typically paid as a retainer), settlement funds, or advanced costs and court fees.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232