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Trust Accounting
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Overview What It Is Importance For Trustees For Beneficiaries Sample Case Faq How We Can Help
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Legal Guidance for Trustees and Beneficiaries

Trustees have a legal duty to keep beneficiaries informed—and that includes providing clear, accurate, and timely trust accountings. When those accountings are incomplete, delayed, or misleading, it can lead to conflict, confusion, and even litigation. At Burrey Law Group, Inc., we help trustees fulfill their fiduciary obligations and assist beneficiaries in ensuring their rights are respected.

What Is Trust Accounting?

Trust accounting is the formal process by which a trustee reports how the trust’s assets have been managed. These accountings should reflect all income, expenses, distributions, and changes in asset value over a given period. A proper accounting allows beneficiaries to understand how trust assets are being used and whether they are being managed appropriately.
Key components of a trust accounting may include:

Fiduciary Account
Records of all income received (e.g., dividends, rent, interest)
Fiduciary Account
Any changes to the trust portfolio (e.g., property sold or acquired)
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A list of trust assets and their current value
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Records of all expenses paid from the trust
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A detailed log of distributions to beneficiaries
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Why Is Trust Accounting Important?

Trust accounting isn’t just about numbers—it’s about transparency and trust. Proper accountings:

  • Help prevent misunderstandings and disputes
  • Allow beneficiaries to verify that the trustee is acting in their best interest
  • Offer legal protection to the trustee by documenting their actions
  • Provide clarity for tax purposes and future planning

When accountings are not provided—or are inaccurate—it may signal a deeper issue such as mismanagement or breach of fiduciary duty.

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Support for Trustees

Trustees are often family members or trusted friends who are unfamiliar with the legal and technical requirements of managing a trust. We provide:

  • Legal guidance on how and when to prepare formal accountings
  • Review of draft accountings for accuracy and compliance
  • Communication strategies for sharing information with beneficiaries
  • Representation in disputes related to trust administration

Whether you’re preparing your first trust accounting or managing a complex estate, we help you stay compliant and confident in your role.

Support for Beneficiaries

If you’re a beneficiary who has not received an accounting or has concerns about how trust assets are being handled, we can:

  • Request accountings on your behalf
  • Review existing reports for accuracy and red flags
  • Determine if a legal breach has occurred
  • Advocate for your right to transparency and fair treatment

Beneficiaries have the right to understand how the trust is being managed and to question inconsistencies. Our role is to ensure your voice is heard and your rights are protected.

Illustrative Example

Imagine this situation: A beneficiary has not received any financial updates from the trustee in over a year and begins to wonder if the trust is being mismanaged. Attempts to get answers are met with vague responses—or silence altogether.

In a situation like this, a legal team may file a petition to compel a formal accounting, review the trustee’s financial actions for accuracy, and help the beneficiary determine whether their rights have been violated.

Unless waived, accountings are generally required at least annually and upon certain triggering events, such as the termination of a trust or change in trustee.

Frequently Asked Questions

Some of your burning questions have been answered.

Get in touch Trusted Support. Clear Guidance.

Whether you’re a trustee seeking clarity or a beneficiary seeking answers, Burrey Law Group, Inc. offers experienced legal support tailored to your role and needs. Our focus is on resolving concerns before they escalate—and advocating for fair, transparent trust administration every step of the way. Contact us today to schedule a consultation and ensure your trust accounting is on solid ground.

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