California Trust Probate Code For Accounting
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FAQ
California Probate Code 16062 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.
A trust accounting, essentially, is bookkeeping required for trusts. Per California probate code sections 16060 and 16062, trustees must: Keep beneficiaries 'reasonably' informed about how they manage the trust. Provide an accounting at least once annually.
Probate accounting, also known as trust accounting, is simply an accounting of the transactions undertaken by an estate during a specific reporting period. Section 16062 of the California Probate Code requires trustees to provide an accounting at least once a year.
Generally, the accounting should include the assets and their value on the date the decedent passed away. Imagine the date of death as a snapshot moment in time, that is the starting point. From there each transaction where money was received, or money was spent from the trust should be disclosed on the accounting.
Probate accounting, also known as trust accounting, is simply an accounting of the transactions undertaken by an estate during a specific reporting period. Section 16062 of the California Probate Code requires trustees to provide an accounting at least once a year.