Trust and Estate Accounting

Trust and estate accounting involves the systematic recording and reporting of financial activities related to trusts and estates. A trust manages assets on behalf of beneficiaries, while an estate is the total of someone's assets after they pass away. This accounting ensures accurate tracking of income, expenses, distributions, and asset valuations. It provides transparency to beneficiaries and compliance with legal requirements, often guided by state laws. Professionals in this field prepare detailed financial statements to reflect the trust or estate's financial health and facilitate the responsible management of the assets entrusted to them.