Trust or Probate Accounting
One of the duties of a Trustee, Executor, Conservator, Guardian, or professional fiduciary, is to account for the assets of the settlor, decedent, conservatee, or minor (the “court accounting”). This entails searching for and obtaining all information on the assets and debts of the settlor, decedent, conservatee or minor, paying debts where appropriate, paying all expenses of administration, and making a written account of all transactions and movement of assets. Most, if not all, trusts require an accounting to the settlor if the settlor is not the Trustee, and to the beneficiaries of the trust or probate estate. Court-appointed conservators of a person’s estate also are required to account. This involves financial and bookkeeping skills. In addition, this requires knowledge of the format that the court requires the accounting report to be in, which is not the same as regular bookkeeping. The Superior Court of California has set out the format for accountings in matters before the court in the California Probate Code.
Most people who assume the role of Trustee, Conservator, Executor, or court-appointed Guardian, do not know how to complete an accounting, and do not understand what information the court requires. Even professional fiduciaries sometimes need assistance in completing a court accounting. Our office specializes in the process of court accountings. We represent the fiduciary (Trustee, Executor, Conservator, or Guardian) and advise them on the process of accounting, for those persons with the requisite knowledge and skills to prepare and complete the accounting, For persons who do not have the requisite knowledge and skills, we will complete the accounting for the fiduciary.
If you have been appointed as a successor Trustee and find the whole situation confusing and overwhelming, please call our office for assistance. We are here to help. If you have been named as Executor of someone’s Will, we are available to represent you in the probate process. Or if you have been named conservator for someone, and you are not sure what to do next, our office is ready to assist you. If you are a professional fiduciary and find the process of accounting time consuming, we can take over that task for you. Whatever your situation is with regard to accountings, we have the professional knowledge and skills to help you complete the task. Call today (760) 754-2381.