"You and your team did an exemplary job with my request. I also wanted to thank you for your attention to detail, and going beyond the scope of our discussion. I'm impressed with the friendly professionalism the staff has displayed in the short time I've been a client, and together with my father's vote of confidence in your firm, DL has already far exceeded any expectations I may have had. "
- Rhonda F. | TestimonialsRegardless of whether you intend to make a formal accounting to beneficiaries, you must keep careful records of all trust transactions. In fact, if you do not prepare a formal accounting, you should probably keep these records forever, because there is no statute of limitations and your liability exposure will continue indefinitely.
In particular, you must keep an accurate bookkeeping ledger, with descriptive notations of all income and receipts, noting for each entry the date, the person to or from whom payment was made or received, the nature of the payment, and the amount. All disbursements for trust expenses should be made by check. There are many rules and requirements for all trust expenditures and it is beneficial to speak with a qualified professional so that you understand your responsibilities.
If the Trust has a large number of assets or transactions, you may find it helpful to set up a more sophisticated bookkeeping system. We would be happy to help you in setting up a bookkeeping system that best fits your needs.
