Fiduciary Accounting Services

Tresp Law, APC assists fiduciaries with reporting all the transactions within an Estate, Trust, or Conservatorship and go further to present the complexities of these in a way that can be understood by anyone.

If you are a Trustee, Executor, Administrator, Conservator or Guardian you are performing the role of a “fiduciary.” Fiduciaries act on behalf of someone else (typically heirs of a decedent, beneficiaries of a Trust, a minor child, or an incapacitated adult). As a fiduciary, your legal and ethical duty is to make financial decisions that are in the best interests of the estate and the beneficiaries over your own interests. 

One of your duties as a fiduciary is to present a detailed accounting of all financial transactions that occurred under your watch.  The accounting should include income earned (interest, dividends, rental income, etc.), assets purchased and sold (including capital gains and losses), improvements to property, bills and debts paid, professionals hired, distributions to beneficiaries, the list goes on. The purpose of the accounting is to allow the court or the beneficiaries to review and approve your actions as a fiduciary.

How we can help

1. Collect & Organize

   We work with you to identify all relevant and required financial information necessary for reporting as well as the ongoing administration of your estate, trust, or conservatorship. Our office can organize and manage this information to ensure it is readily available to you and other appropriate parties.

2. Clearly Identify Assets

   Our review of your case includes identifying and confirming the assets held in the estate, trust, or conservatorship, and ensuring all assets have been accounted and verified.

3. Prepare Accounting Schedules

   We document each transaction separately, confirm and clarify transaction descriptions, and report each transaction on the appropriate accounting schedule.

4. Principal & Income Allocation

   Following the guidelines set forth by the Uniform Principal & Income Act (UPAIA), our office will ensure that transactions be allocated between Income & Principal. Our extensive experience with the UPAIA requirements allow us to complete these allocations quickly and accurately.

5. Document

   We make certain that you can provide a complete and accurate account of your period of responsibility; whether you are reporting to beneficiaries or the probate court or preparing for legal proceedings. Our experience matters and our results speak for themselves

6. Distribution Proposals

   In the event a trust is being terminated, a probate is closing, or a legal settlement has been reached, our office will prepare a proposed distribution schedule to clearly present the division of assets between beneficiaries.