One of the duties of a Trustee, Executor, Conservator, or Guardian is to account for the assets of the settlor, decedent, conservate, or minor (the “court accounting”). Court accounting is strictly mandated and can be intimidating to anyone tasked with providing this information to the court or beneficiaries. Also referred to as fiduciary or trust accounting, it is regulated by the statutes set forth in the Uniform Principal and Income Act (UPIA). The required format of these financial reports differs from traditional financial statements and often requires a much greater level of detail of all financial transactions. Also, the way in which the information must be presented can vary depending on the nature of the entity and the specific requirements of the courts. Even small errors in formatting can cause unnecessary delays in the legal process.
Torkelson & Associates can provide court accounting for conservatorships, guardianships, estates, and trusts. Our services include the preparation and maintenance of court accounting financial statements, as well as the related trust administration and income tax preparation.