Rule 7.901 Trustee's accounts

A trustee must file regular accounts that clearly show the time period they cover. These accounts track all the money and property that came in and went out of the trust.

When a trust is created through a will, the first account must match up with the court order that transferred the assets into the trust. This makes sure everything from the estate is properly accounted for from the start.

If the trust pays income to a beneficiary, the trustee must keep two separate records. One record tracks the main trust property (called principal), and the other tracks the income that property earns. This separation helps beneficiaries see exactly what money belongs to them.