Trustee's Account

A Trustee’s Account is a detailed financial report prepared by a trustee to provide beneficiaries and other interested parties with information about the trust’s administration. Key aspects include:

1. Comprehensive record of trust assets, income, and expenses

2. Typically prepared annually or as required by trust terms

3. Includes:

   – Opening balance

   – Income received (e.g., dividends, interest)

   – Expenses paid (e.g., taxes, fees)

   – Distributions to beneficiaries

   – Gains or losses on investments

   – Closing balance

4. May require court approval in some jurisdictions

5. Helps ensure transparency and accountability

A Trustee’s Account is crucial for maintaining trust between the trustee and beneficiaries. It demonstrates proper management of trust assets and compliance with fiduciary duties. Beneficiaries have the right to review this document and may challenge discrepancies. Trustees should maintain accurate records throughout the year to facilitate the preparation of this important report.