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In the state of California, trustees have a duty to keep the beneficiaries of the trust reasonably informed about the trust and how it is being administered. As part of this duty, trustees must provide all beneficiaries with an accounting of the trust assets and how they have been used.

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0:00 The Trustee's Guide to Trust Accounting Duties
1:07 What are the legal trust accounting basics?
1:40 How should a trustee account to beneficiaries?
2:40 How often do trustees need to account?
2:59 What is trust accounting income?
4:38 When should a trustee contact a trust litigation attorney?

What is a petition for accounting of trust?
A petition for accounting of trust is a request a beneficiary can submit to a court to ask that the court order the trustee to provide detailed information about the trust assets.

The trustee of a trust is required to give an accounting of trust to all beneficiaries that provides information about the management of trust assets. When a trust beneficiary demands an accounting from the trustee in writing, the trustee has 60 days to provide one.

If the trustee fails to produce an accounting within the required time frame (and an accounting hasn’t been provided in the last 6 months) California Probate Code §17200(b)(6)(C) grants beneficiaries the right to file a petition for accounting of trust with the probate court. The petition simply asks the court to order the trustee to do what they are required to do, provide an accounting.

What are the legal trust accounting basics?
The most basic definition of legal trust accounting is the bookkeeping required for trust accounts by state laws. Under California Probate Code §16060, a trustee has a duty to keep the beneficiaries of the trust reasonably informed of the trust and its administration. Generally, trustees are required to provide information about the assets in the trust and how they have been used at least once a year, as well as at the termination of the trust and whenever the trustee of a trust changes. (California Probate Code §16062)

How should a trustee account to beneficiaries?
California Probate Code §16063 requires a trustee accounting to beneficiaries to include the following information regarding the last complete fiscal year of the trust or the time since the last accounting was done:

A statement of receipts and disbursements of principal and income that have occurred.
A statement of the assets and liabilities of the trust.
The trustee’s compensation.
The agents hired by the trustee, their relationship to the trustee, if any, and their compensation.
A statement that the recipient of the account may petition to obtain a court review of the account and of the acts of the trustee.
A statement that claims against the trustee for breach of trust may not be made after the expiration of three years from the date the beneficiary receives an account or report disclosing facts giving rise to the claim.

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