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Sherman Oaks Elder Law & Accounting FAQ
Short answers to common questions about California probate accounting, trust accounting, conservatorship accounting and elder-law financial issues.
What is the difference between probate accounting and trust accounting?
Probate accounting concerns administration of a decedent’s court-supervised probate estate. Trust accounting concerns a trustee’s administration of trust property. Both involve fiduciary records, but the governing documents, beneficiaries, procedures and legal requirements differ.
What is fiduciary accounting?
Fiduciary accounting is a structured report of assets and transactions handled by a person acting for someone else, such as an executor, administrator, trustee, conservator or guardian.
What does Sherman Oaks elder care and accounting mean on this website?
It means legal and fiduciary-financial issues connected to older adults, including conservatorship estate accounting, trust management, probate, recordkeeping and financial protection. It does not mean medical or in-home caregiving.
What records are useful for a California accounting?
Useful records can include bank and brokerage statements, invoices, receipts, tax records, escrow statements, appraisals, deeds, prior accountings, court orders, distribution records and a transaction ledger.
Do all California trusts have to file accountings in court?
No. Many trust accountings are provided to beneficiaries outside court. Court filing can become relevant in particular proceedings, testamentary trusts, court-supervised trusts, disputes or other circumstances.
Can a probate accounting be waived?
California law permits waiver in qualifying circumstances, but reporting requirements can remain even when detailed receipts and disbursements are not presented as a full account.
What does principal and income mean in a trust accounting?
Principal generally refers to trust corpus or capital, while income generally refers to returns generated by trust property. Allocation can matter when different beneficiaries are entitled to income and principal.
Can the court ask for more accounting information?
Yes. Depending on the proceeding, the court may require corrections, supporting information, additional schedules or more frequent accountings.
Where can I get legal help?
For legal services, this site directs visitors to Sirkin Law Group, P.C. at SirkinLawGroup.com or 818.340.4479.
Need advice about your specific matter?
Visit SirkinLawGroup.com or call 818.340.4479.