Trust Accounting

Trust Accounting is a procedure whereby documentation is prepared to show interested parties the complete financial picture.  The complete financial picture includes how assets were received, how assets were distributed, money received, how money was spent, why it was spent, and the balance at any given point in time.

Who Is Responsible For Trust Accounting?

Executors, Trustees, and Powers of Attorney who have accepted the responsibility of managing the affairs of others have a fiduciary responsibility to provide proper reporting.

Each of these must keep accurate financial records either in an informal or formal manner, and be ready to present them to beneficiaries and legal courts upon request.

Informal trust accounting, which are most common, can take the form of a simple written letter outlining specifics.

Formal trust accounting is done via a procedure known as the “passing of accounts”.  The accounts are prepared in the Court appointed format, and submitted to a judge for audit.

When Is Formal Trust Accounting Required?

Formal Trust Accounting record keeping is required when:

  • Beneficiaries do not accept the informal accounts that have been prepared, and refuse to sign a release, the records will need to be put in passing form to obtain Court approval for the work that has been done.
  • Beneficiaries are not satisfied with the manner with which the affairs have been dealt with, they may request formal trust accounting.
  • If assets being administered belong to beneficiaries who do not have the capacity to sign a release, formal trust accounting passing of accounts must be obtained to obtain Court approval for what has been done.

How Can You Benefit From Executor Duties On Demand Trust Accounting Services?

It is important that an Executor, Trustee or Power of Attorney use whatever resources they need to ensure the affairs of the deceased person’s trust are handled properly.

Executor Duties on Demand can assist in your trust accounting, record keeping responsibilities with either informal reporting and/or formal passing of accounts, all on an hourly basis.

Executor Duties On Demand can also assist in all areas of administering an estate including the following:

  • Professional Accountants to help prepare taxes
  • Estate Lawyers for estate administration, tax probate, and other needs
  • Investment Advisors
  • And Professional Executor or Estate Trustee Services

We can help you simplify your Trust Accounting duties. You can keep your current advisors as we simply complement your existing professional team, or you can add the assistance of our professional team.

Our team is comprised of chartered accountants, tax specialists, trust and estate lawyers, and estate trustees who will ensure you have the right information and that you are correctly fulfilling your responsibilities.

We can do as much or as little as you wish, an hour, a day, or a month at a time. We charge by the hour, so we are able to assist you, regardless of the estate size. You also only pay for the actual work that is performed.

What Sets Us Apart From Our Competition?

Executor Duties On Demand sets itself apart from other companies in that we are a full service solution provider for all your estate, trust and Power of Attorney duties, on an hourly basis.

You benefit from all of the following:

  • You choose the level of service you want  at low affordable hourly rates
  • All size estates are eligible for assistance
  • You can use our Trust and Estate Professionals to compliment your current advisors
  • You make all final decisions while we do all of the leg-work
  • Your financial records are put into court approved Passing Form
  • Your paperwork is prepared in an organized, accurate, and complete process
  • You benefit from our up-to-date estate law and tax knowledge minimizing your personal liability

What Past Clients Think About Our Trust Accounting Services

“Michele Follows is a delight to work with!

Her professionalism and extensive knowledge is only enhanced by her warm, people centric personality.

She is always quick to respond and go the extra mile for her clients!

I happily recommend her to anyone!”

Claire Lennon, Room Utopia Interiors
“I have known Michele for 20 years. Her enthusiasm, communication skills and professional demeanor were apparent prior to hiring her three years ago to assist my sister and I with our estate trustee responsibilities as named executors in my mother’s will.

We anticipated working without executor assistance, however, executing the will was more complicated than we originally expected.

Michele consistently affirmed our trust in her management of our estate trustee issues.

Michele is reliable, dedicated, and eternally upbeat with an ability to calm us with efficient and effective issue resolution suggestions.

Michele shared a wealth of relevant experience on estate trustee planning with timely meetings and written reports with accurate and thorough document preparation and filings.

Of particular value to us was the quality of professionals that were important components of Michele’s estate trustee management network.

Michele’s coordinated the involvement of these selected professionals that play an important role in estate planning such as lawyers, accountants, and investment advisors with relevant experience.

Michele provided a vital service to us with unmeasurable value to my mother’s estate at minimal cost.

Michele is a hardworking and top-performing estate trustee professional. She has my highest recommendation, and I am happy to furnish more details if you would like additional information.”

Stephen Groom, DVM, PhD, DACVP