Family trust consists of wheat land and the income from same. Are there reports, statement of income or other such paper work required for the administrator/executor to produce on a yearly basis to the heirs of the trust other than just writing a check (cash flow) each year along with tax filing papers? Ie. balance sheets, net worth, etc.

Family trust consists of wheat land and the income from same. Are there reports, statement of income or other such paper work required for the administrator/executor to produce on a yearly basis to the heirs of the trust other than just writing a check (cash flow) each year along with tax filing papers? Ie., balance sheets, net worth, etc.
Hi:

I too am dealing with a family trust. As far as I know the trustee has to account for all money in and out of the trust. You have that right to know where and how it is being spent. Here in California the law is such that the Trustee can not touch any of the money without a written account of all transactions. Like up keep of the property, taxes, checks to whom ever. By all means do not let anyone keep you in the dark and get away with anything. Hope this helped.

A full disclosure of all income and expenses should be required.

If there is concern and they will not provide this info, get the court that appointed them invovled.

The administrator must be able to provide a full accounting upon request. I'm not sure if they have to provide the accouinting as a matter of course, but the beneficiaries of the trust have the right to request one at any time. Therefore, the admin should record all transactions with respect to the trust and have an accountant review it. The cost of the accountant can come out of the proceeds of the trust.