A large part of a trustee’s accounting work involves determining whether receipts and disbursements should be assigned to income or principal. Income is money or property received as a current return from a principal asset, while principal is property held in trust for later distribution to a remainder beneficiary. The rules for how to allocate receipts and disbursements may be contained within the relevant will or trust document; if not, the trustee uses the rules laid out in the Uniform Principal and Income Act (as modified by the applicable state government). The completion of such a format in the required state can become daunting that’s were we come in to assist with preparing your schedules:
Here at Allocated we use your state format and judicial forms required to prepare your accounting. Give us a call we can assist you or prepare your annual, bi-annual schedules for your accounting.