What Counts As Proper Trust Accounting
Receipts, disbursements, gains, and fees in one place
We track income, principal transactions, professional fees, and distributions, then reconcile to bank and brokerage statements. Real estate near Hurstbourne Parkway gets its own sub-ledger for taxes, insurance, and repairs. Clear categories make audits and year-end tasks straightforward.
Reporting Cadence That Builds Confidence
Quarterly snapshots and a year-end rollup
Most families prefer quarterly statements plus an annual report. We show performance, expenses, proposed fees, and pending distributions in plain English, with supporting docs available on request. Consistency here reduces disputes before they begin.
Valuations, Appraisals, And Hard-To-Price Assets
Make sensible estimates-and disclose your method
Closely held business interests, unique collectibles, or a lake cabin require judgment. We document data sources, appraisal dates, and assumptions so beneficiaries understand how values were chosen. Transparent notes today mean fewer questions tomorrow.
Tax Records And CPA Coordination
Keep schedules ready for the return
Good accounting feeds the tax return: interest and dividends, deductible expenses, and distribution details for K-1s. We coordinate with your CPA and align with our tax considerations for trusts guidance so filing season is predictable.
Local Tip For Titles And Deeds
Paper trails Louisville clerks will accept
When you retitle property to the trust, retain stamped deeds, settlement statements, and insurance endorsements. If a revocable living trust recently became irrevocable, we'll help update records so lenders and insurers recognize the change.
Answers Louisville Trustees Rely On
Five robust accounting answers-before problems start
How often should I report to beneficiaries?
Quarterly is common; annual is a minimum. Complex trusts or active real estate may merit monthly updates. We match cadence to activity and family expectations.
What if a beneficiary asks for more detail?
Provide a prompt summary and a timeline for full docs. If requests become excessive, we'll set reasonable boundaries while meeting your duty to inform.
Can I charge for the time it takes to do accounting?
Reasonable trustee fees are allowed and should be disclosed. We'll show how to log hours and describe services so beneficiaries see value.
What if records were never kept?
Start with bank statements, re-create a ledger, and note assumptions. Transparency about reconstruction protects credibility.
What happens if a trustee refuses to account?
Beneficiaries can seek court orders or remedies. Early, good-faith reporting often prevents escalation; if not, we pivot to dispute resolution strategies.