Properties have been liquidated and the assets, along with bank accounts have been distributed. The trust has been closed and there's no more money. I've sent final tax returns but what else am I legally bound to provide for a "final accounting"?
To answer your question you need to review the applicable terms of the trust instrument and the applicable provisions of the Oregon Uniform Trust Code (ORS Chapter 130). The best way to apply these rules will depend on the circumstances in your case. I would encourage to consult an attorney experienced in Oregon trust administration law to determine the best way to handle the wrap your administration of the trust.
I assume from your question that you do not have an attorney assisting you with this. If that is NOT the case, then you need to address your questions to your attorney.
Assuming you do not have an attorney, it sounds to me like you put the cart before the horse, a bit. Normally, the final account is provided to the beneficiaries BEFORE the final distribution. The reason for this is that, if there is any disagreement or dispute regarding the figures, you have an opportunity to correct them, or to at least defend yourself, if someone challenges your position. Now, the money has all been paid out, so if there is a problem, the burden will fall on YOU to try to correct that.
Having said that, presumably, you sent out an initial Inventory, which listed the assets of the trust. The final account would pick up where the inventory left off, and it would detail any income the trust received during administration, as well as any administrative expenses. The net figure would then be divided amongst the beneficiaries, according to the terms of the Trust, and I would show a zero balance, after the distributions are accounted for.
If you do not have an attorney and have not used one, to this point, then you are probably not going to hire one, to handle this last task. If one of the beneficiaries challenges your account, however, I would certainly consult with an attorney before deciding how to respond. Along with the Final Account, you might also consider sending out "receipt" forms that the beneficiaries can sign, indicating that they have received all that they are entitled to from the trust. Your cancelled checks can serve this purpose, if need be. But it is always nice to kind of finalize things, as far as the beneficiaries are concerned.
*** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state.
What I like to do is to send a copy of the last check to each beneficiary and a -Release ofTrustee and acceptance of beneficiary of receiving full share form-
When all of these forms come back-I release the checks.
If someone is slow-I tell the other beneficiares who is holdinfg up the release of checks.
This document also release you from further accountings.
The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.
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