Annual Trust Accounting and Trustee's Report to Qualified Beneficiaries - Massachusetts
ANNUAL TRUST ACCOUNTING
Trustee's Report to Beneficiaries
Trust name: [________________________________]
Original trust date: [__/__/____]
Trustee name and mailing address: [________________________________]
Accounting period: [__/__/____] through [__/__/____]
Report date: [__/__/____]
Trust status during this period: ☐ Revocable, settlor with capacity ☐ Revocable, settlor without capacity ☐ Irrevocable ☐ Status changed on [__/__/____]
This report records the property, liabilities, receipts, disbursements, distributions, and trustee compensation for the period stated above. Amounts below are in US dollars unless otherwise stated.
1. RECIPIENTS
M.G.L. c. 203E, § 813(c) addresses accounts to distributees and permissible distributees of income or principal and to other qualified beneficiaries who request an account. Record each intended recipient and basis for delivery.
| Recipient and address | Current distributee or permissible distributee; other qualified beneficiary who requested; or other trust-term recipient | Date and method sent |
|---|---|---|
| [NAME AND ADDRESS] | [BASIS] | [DATE AND METHOD] |
| [NAME AND ADDRESS] | [BASIS] | [DATE AND METHOD] |
| [NAME AND ADDRESS] | [BASIS] | [DATE AND METHOD] |
2. OPENING BALANCES
| Item | Amount at beginning of period |
|---|---|
| Cash and cash equivalents | $[________] |
| Other assets, stated value | $[________] |
| Total assets | $[________] |
| Liabilities | $[________] |
| Net opening value | $[________] |
Basis and date of noncash asset values: [________________________________]
3. RECEIPTS
Include income, principal additions, sale proceeds, and other cash receipts. Identify whether a receipt was income or principal under the trustee's records.
| Date | Source and description | Income or principal | Amount |
|---|---|---|---|
| [DATE] | [SOURCE] | [TYPE] | $[________] |
| [DATE] | [SOURCE] | [TYPE] | $[________] |
| [DATE] | [SOURCE] | [TYPE] | $[________] |
| Total cash receipts | $[________] |
Noncash additions, with date and value: [________________________________]
4. DISBURSEMENTS AND DISTRIBUTIONS
List expenses and beneficiary distributions separately. Include taxes, professional fees, trustee compensation, and loan payments where applicable.
| Date | Payee or beneficiary | Purpose | Expense or beneficiary distribution | Amount |
|---|---|---|---|---|
| [DATE] | [NAME] | [PURPOSE] | [TYPE] | $[________] |
| [DATE] | [NAME] | [PURPOSE] | [TYPE] | $[________] |
| [DATE] | [NAME] | [PURPOSE] | [TYPE] | $[________] |
| Total cash expenses | $[________] | |||
| Total cash beneficiary distributions | $[________] |
Noncash distributions, with date, recipient, asset, and value: [________________________________]
5. TRUSTEE COMPENSATION
| Trustee | Basis for compensation | Amount paid in period | Included in expense row dated |
|---|---|---|---|
| [NAME] | [BASIS] | $[________] | [DATE] |
| [NAME] | [BASIS] | $[________] | [DATE] |
| Total trustee compensation | $[________] |
6. CLOSING CASH RECONCILIATION
| Calculation | Amount |
|---|---|
| Opening cash, from Section 2 | $[________] |
| Add: total cash receipts, Section 3 | $[________] |
| Less: total cash expenses, Section 4 | $[________] |
| Less: total cash beneficiary distributions, Section 4 | $[________] |
| Closing cash | $[________] |
Explanation of any adjustment or unreconciled difference: [________________________________]
7. CLOSING ASSETS
List each asset held at period end. M.G.L. c. 203E, § 813(c) calls for asset values where feasible.
| Asset or account description | Location or custodian | Value date | Value at period end | Valuation basis |
|---|---|---|---|---|
| [ASSET] | [LOCATION] | [DATE] | $[________] | [BASIS] |
| [ASSET] | [LOCATION] | [DATE] | $[________] | [BASIS] |
| [ASSET] | [LOCATION] | [DATE] | $[________] | [BASIS] |
| Total closing assets | $[________] |
Asset value unavailable or infeasible to determine, and why: [________________________________]
8. CLOSING LIABILITIES
| Creditor or obligation | Description | Amount at period end |
|---|---|---|
| [CREDITOR] | [OBLIGATION] | $[________] |
| [CREDITOR] | [OBLIGATION] | $[________] |
| Total closing liabilities | $[________] |
Net closing value (closing assets less closing liabilities): $[________]
9. EXPLANATORY NOTES AND ATTACHMENTS
Material transactions, changes in assets or liabilities, and valuation notes: [________________________________]
Attached transaction detail or supporting schedules: [________________________________]
Location where supporting records may be requested or reviewed: [________________________________]
10. TRUSTEE SIGNATURE AND DELIVERY
I have prepared or reviewed this account from the Trust's records. To the best of my knowledge, the entries fairly describe the Trust property, liabilities, receipts, disbursements, distributions, and my compensation for the stated period.
Trustee signature: ______________________________________
Printed name: [________________________________]
Date signed: [__/__/____]
Report delivered by: [PERSON AND METHOD: ________________________________]
Date delivered: [__/__/____]
SOURCES AND REFERENCES
About this template
- Last updated
- October 15, 2026
- Citations checked
- October 15, 2026
- Jurisdiction
- Massachusetts
- Category
- Estate Planning & Wills
Legal authority
- M.G.L. c. 203E, § 603(a)
- M.G.L. c. 203E, § 813(c)
Estate planning documents decide what happens to your property, your children, and your medical care when you cannot make those decisions yourself. Wills, trusts, powers of attorney, and health care directives each serve different purposes and each have to meet state law requirements for signing, witnessing, and notarization. A document that looks fine on the page but was not executed correctly can be rejected in probate, which is exactly when it is too late to fix.
Not legal advice
This template is provided for informational purposes. We recommend having an attorney review any legal document before signing, especially for high-value or complex matters.
Checked against the law it cites
A reviewer verified this template's legal citations against the official source on October 15, 2026.
M.G.L. c. 203E, § 603(a) (checked October 15, 2026): "While a trust is revocable and the settlor has capacity to revoke the trust, rights of the beneficiaries shall be subject to the control of the settlor and the duties of the trustee shall be owed exclusively to the settlor."
M.G.L. c. 203E, § 813(c) (checked October 15, 2026): "A trustee shall send an account to the distributees and permissible distributees of trust income or principal and to other qualified beneficiaries who request it, at least annually and at the termination of the trust."
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