How should a trustee document his or her actions?

Parent-child and/or grandparent-grandchild exclusion
Parent-child and/or grandparent-grandchild exclusion
March 26, 2014
Tax consequences if I decide to immigrate to the U.S.?
Tax consequences if I decide to immigrate to the U.S.?
March 26, 2014
Show all

How should a trustee document his or her actions?

How should a trustee document his or her actions?

Whether or not the trustee accepts a fee, he or she should keep a log diary of the work done as trustee, including:

  • The date
  • Amount of time expended
  • Description of activity
  • Decisions made, and
  • Basis for the decisions.

The log will support the trustee’s request for fees in the event of a dispute with the beneficiaries, and serves as a written record of the trustee’s actions and basis for decision should his or her actions ever be questioned by a beneficiary.