Do I need a professional advisor to help me prepare an Anaheim trust accounting?

Preparing an accounting often goes beyond a simple balance sheet with two columns, one for income and one for expenses. The complexity of the Orange County trust accounting will depend on the type of assets held in the trust and the unique facts and circumstances surrounding the administration process. While in some cases, an accounting may be simple enough to prepare for the average successor trustee, in many other cases, it is well worth it to seek out professional guidance from a corporate trustee, an attorney, and a tax advisor.

Why consider obtaining professional help when it comes time to produce an accounting? The following are five important examples:

  1. A professional trustee will be familiar with the unique issues that may come up when dealing with an Anaheim trust accounting.
  2. A professional trustee, attorney, and CPA can help to ensure that the costs of taxes and tax-return preparation are adequately accounted for.
  3. Some assets can be difficult to properly track and may require the knowledge of an experienced professional.
  4. An attorney can help you to properly format the accounting so that it meets all state law requirements while also being easy to follow for the beneficiaries. 
  5. Each asset may come with its own unique method for properly reporting income or expenses that only an experienced professional is familiar with.

Utilizing the skills of an experienced Anaheim trust administration attorney may help to ease the burden of serving as a successor trustee. Contact our office today at (714) 459-5481 for a consultation.

James F. Roberts
Founder and owner of the Law Office of James F. Roberts and Associates, a premiere estate planning law firm