How do you ask a trustee in accounting?

How do you ask a trustee in accounting?

First, to request a formal accounting of your trust in California, here’s a downloadable form. Simply complete the form, and submit it to your Trustee. The trustee has 60 days to provide the formal accounting.

What is a trustee in accounting?

A trustee is a person or firm that holds and administers property or assets for the benefit of a third party. A trustee may be appointed for a wide variety of purposes, such as in the case of bankruptcy, for a charity, for a trust fund, or for certain types of retirement plans or pensions.

What if trustee does not provide accounting?

If the accounting is not provided in the proper form as required by the law, then after sixty days the beneficiary can file a probate court petition to seek a court order requiring the trustee to prepare the proper accounting and can request reimbursement for the fees and costs they incur in bringing the petition.

Do you need an accountant for a trust?

It is recommended that the trust deed be clear about the need for the appointment of an auditor or an independent accountant. If the trust deed allows for that, trustees often appoint accountants to compile financial statements for the trust.

Can a trust appoint an accountant to compile financial statements?

If the trust deed allows for that, trustees often appoint accountants to compile financial statements for the trust. It is clear from this article that it is not as simple as only compiling financial statements, similar to entities such as close corporations or companies; much more is required from the accountant.

Do you need to appoint an auditor for a trust?

Trustees need to follow requirements stipulated in the trust instrument regarding the appointment of an auditor or accountant. Failing to do so may indicate that they have failed to observe the trust deed. It is recommended that the trust deed be clear about the need for the appointment of an auditor or an independent accountant.

Who are the trustees of a trust property?

The trustees are the legal owners of the trust property (or trust corpus), but they are obliged to hold the property for the benefit of one or more individuals or organisations (the beneficiary), usually specified by the settlor. The trustees owe a fiduciary duty to the beneficiaries, who are the “beneficial” owners of the trust property.

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