If you have been named as a trustee of a testamentary trust, you have obligations that are separate from the obligations of the executor. In a Last Will and Testament, you can be named as both the executor of the estate and the trustee of the testamentary trust, or separate individuals can be named in the Will to fulfill these roles.
Your duties and responsibilities as Trustee pertain only to the portion of the estate assets that have been designated and used to fund the trust, per the terms set forth in the Last Will and Testament. But much like an Executor or Administrator does for an Estate and its beneficiaries or heirs, you as Trustee owe a fiduciary duty to maintain and account for the Trust assets for the benefit of the trust beneficiaries. This includes accounting and tax reporting requirements to the Commissioner of Accounts, the Internal Revenue Service, and the Virginia Department of Taxation.
Estate Accounting Solutions is prepared to handle all reporting requirements, to relieve you, the Trustee, of this oftentimes stressful and complicated obligation. Estate Accounting Solutions can prepare the following reports for the Trust:
INVENTORY FOR TRUST
Due to the Commissioner of Accounts within 4 months after the later of the Date of Qualification or the date the Trust was initially funded with assets.
{link} Inventory for Trust
FIRST ACCOUNT FOR TRUST
Due to the Commissioner of Accounts on or before May 1st of the year following the qualification of the Trustee, covering the period of the later of the Date of Qualification or the date the Trust was initially funded with assets, through December 31st of that year.
{link} Account for Trust
SUBSEQUENT ACCOUNTS FOR TRUST
Due to the Commissioner of Accounts on or before May 1st of the preceding calendar year, covering the period of January 1st through December 31st.
{link} Account for Trust
FINAL ACCOUNT FOR TRUST
Due to the Commissioner of Accounts when the objective of the trust document (usually an event or a beneficiary reaching a specified age) has been accomplished.
{link} Account for Trust
FEDERAL FORM 1041 “U.S. INCOME TAX RETURN FOR ESTATES AND TRUSTS”
Due to the Internal Revenue Service by April 15th following each calendar year in which the trust has any taxable income for the tax year or earns more than $600.00 in gross income (regardless of taxable income).
VIRGINIA FORM 770 “VIRGINIA FIDUCIARY INCOME TAX RETURN”
Due to the Virginia Department of Taxation by May 1st following each calendar year in which a Federal return is required to be filed.