Trustee Accounting
One of the primary duties of a *trustee *is to keep full, accurate and orderly records concerning the status of the trust estate and all acts performed by him. He is charged with maintaining an accurate account of all the transactions relating to the trust property. Some states require a formal written accounting by the trustee on an annual basis, but Texas does not. Texas does have a provision that beneficiary or "interested person" can demand that the trustee give a written accounting of the trust.
The Tex. Prop. code 113.151 defines the right to an accounting from trustees or other fiduciaries subject to the Trust Code. The trustee must make the written accounting within 90 days. If he does not, the court can order him to make an accounting and two personally pay the attorneys fees and costs for not making the requested accounting.
the written accounting by the trustee must show:
- all trust property that has come to the trustee's knowledge or into the trustee's possession and that has not been previously listed or inventoried as property of the trust;
- a complete account of receipts, disbursements, and other transactions regarding the trust property for the period covered by the account, including their source and nature, with receipts of principal and income shown separately;
- a listing of all property being administered, with an adequate description of each asset;
- the cash balance on hand in the name and location of the depository where the balance is kept; and
- all known liabilities owed by the trust.
Executor Accounting
Learn about Executor accounting requirements here.
**By **Robert Ray a Texas inheritance attorney.
Tell me what happened
Write to me through the contact form: what happened, roughly when, and who is involved. I read these myself. Writing means our first conversation can be about your situation instead of getting me up to speed.
This page is general information about Texas law. It is not legal advice about your situation, and reading it does not create an attorney–client relationship. These matters turn heavily on specific facts and specific dates, and the law has exceptions this page does not cover. You should not take, or refrain from taking, any action based on this page. Discuss your circumstances with an attorney who can advise you on them.