Annual Trust Accounting (South Dakota — SDCL § 55-2-13)
ANNUAL TRUST ACCOUNTING
[EXACT TRUST NAME] — South Dakota
Before use: Confirm the period, recipients, and information rights under the trust instrument, any controlling written directions, and SDCL §§ 55-2-13 and 55-2-14. The qualified-beneficiary request rule for an irrevocable trust under § 55-2-13 may be varied by the instrument or permitted written directions; § 55-2-14 addresses information duties for a revocable trust.
1. Trust and period
| Field | Information |
|---|---|
| Trust name and date | [NAME], dated [__/__/____] |
| Settlor or trustor | [NAME] |
| Trustee preparing this account | [NAME / ADDRESS / CONTACT] |
| Accounting period | From [__/__/____] through [__/__/____] |
| Trust status during this period | [REVOCABLE / IRREVOCABLE / STATUS CHANGED ON DATE] |
| Records and valuation method used | [CASH / ACCRUAL / OTHER; VALUATION BASIS] |
| Currency | [USD / OTHER] |
This accounting reports the transactions, assets, and liabilities of the trust for the period stated above. Supporting statements, invoices, trade confirmations, and valuations are identified in the records schedule below.
2. Recipient and delivery basis
| Recipient and address | Interest or role | Basis for providing account | Delivery date and method |
|---|---|---|---|
| [NAME / ADDRESS] | [INTEREST / ROLE] | [TRUST TERM / WRITTEN DIRECTION / QUALIFIED-BENEFICIARY REQUEST / OTHER] | [DATE / METHOD] |
| [NAME / ADDRESS] | [INTEREST / ROLE] | [TRUST TERM / WRITTEN DIRECTION / QUALIFIED-BENEFICIARY REQUEST / OTHER] | [DATE / METHOD] |
3. Cash reconciliation
Use the receipt and disbursement schedules below to complete these totals. Include each cash movement once. Sale proceeds belong in cash receipts; the asset sold is removed from the noncash asset schedule. Purchases belong in cash disbursements; the asset acquired appears in the ending asset schedule.
| Cash movement | Amount |
|---|---|
| Opening cash, including trust bank accounts | $[________] |
| Plus income received | $[________] |
| Plus sale proceeds and returned principal | $[________] |
| Plus contributions and other cash receipts | $[________] |
| Less administration expenses and taxes paid | ($[________]) |
| Less beneficiary distributions | ($[________]) |
| Less asset purchases and other cash outflows | ($[________]) |
| Closing cash | $[________] |
4. Receipt schedule
| Date | Source and description | Category: income, sale, contribution, or other | Allocation: principal or income | Amount | Record reference |
|---|---|---|---|---|---|
| [__/__/____] | [SOURCE / DESCRIPTION] | [CATEGORY] | [ALLOCATION] | $[____] | [REFERENCE] |
| [__/__/____] | [SOURCE / DESCRIPTION] | [CATEGORY] | [ALLOCATION] | $[____] | [REFERENCE] |
| [__/__/____] | [SOURCE / DESCRIPTION] | [CATEGORY] | [ALLOCATION] | $[____] | [REFERENCE] |
| Total | $[____] |
5. Disbursement and distribution schedule
| Date | Payee or beneficiary | Purpose and asset involved | Category: expense, tax, distribution, purchase, or other | Allocation: principal or income | Amount | Record reference |
|---|---|---|---|---|---|---|
| [__/__/____] | [NAME] | [PURPOSE] | [CATEGORY] | [ALLOCATION] | $[____] | [REFERENCE] |
| [__/__/____] | [NAME] | [PURPOSE] | [CATEGORY] | [ALLOCATION] | $[____] | [REFERENCE] |
| [__/__/____] | [NAME] | [PURPOSE] | [CATEGORY] | [ALLOCATION] | $[____] | [REFERENCE] |
| Total | $[____] |
6. Asset transactions and ending position
| Noncash asset held at period start | Title or account reference | Value and valuation date | Valuation basis |
|---|---|---|---|
| [ASSET / NONE] | [TITLE / ACCOUNT] | $[____] as of [__/__/____] | [BASIS] |
| [ASSET / NONE] | [TITLE / ACCOUNT] | $[____] as of [__/__/____] | [BASIS] |
| Total opening noncash assets | $[____] |
| Asset bought, sold, or transferred | Date | Transaction and counterparty | Cash amount, if any | Record reference |
|---|---|---|---|---|
| [ASSET] | [__/__/____] | [BUY / SELL / TRANSFER; PARTY] | $[____] | [REFERENCE] |
| [ASSET] | [__/__/____] | [BUY / SELL / TRANSFER; PARTY] | $[____] | [REFERENCE] |
| Asset held at period end | Title or account reference | Value and valuation date | Valuation basis |
|---|---|---|---|
| Cash, from Section 3 | [ACCOUNT] | $[____] as of [__/__/____] | Cash balance |
| [NONCASH ASSET] | [TITLE / ACCOUNT] | $[____] as of [__/__/____] | [BASIS] |
| [NONCASH ASSET] | [TITLE / ACCOUNT] | $[____] as of [__/__/____] | [BASIS] |
| Total ending assets | $[____] |
| Liability at period end | Creditor or claimant | Amount and as-of date | Record reference |
|---|---|---|---|
| [LIABILITY / NONE] | [NAME / NONE] | $[____] as of [__/__/____] | [REFERENCE] |
| [LIABILITY / NONE] | [NAME / NONE] | $[____] as of [__/__/____] | [REFERENCE] |
| Total liabilities | $[____] | ||
| Net ending position (assets less liabilities) | $[____] |
7. Trustee compensation and related transactions
List compensation and related transactions here and include any cash payments in Section 5; this section explains those payments and does not add them again to Section 3.
| Person or entity | Relationship to trustee | Service or transaction | Amount paid or owed | Record reference |
|---|---|---|---|---|
| [NAME / NONE] | [RELATIONSHIP] | [DESCRIPTION] | $[____] | [REFERENCE] |
| [NAME / NONE] | [RELATIONSHIP] | [DESCRIPTION] | $[____] | [REFERENCE] |
8. Supporting records and explanations
| Record or explanation | Period or date | Location or attachment reference |
|---|---|---|
| [BANK / BROKERAGE STATEMENT] | [DATES] | [REFERENCE] |
| [VALUATION / INVOICE / OTHER] | [DATES] | [REFERENCE] |
| [MATERIAL TRANSACTION OR DIFFERENCE EXPLANATION] | [DATES] | [REFERENCE] |
Additional explanation of differences, unusual transactions, or valuation limits: [DETAILS / NONE]
9. Trustee certification
I prepared this accounting from the trust records identified above. To the best of my knowledge after reasonable inquiry, the entries fairly describe the trust's transactions and ending position for the stated period. Corrections or further records may be supplied if an error is identified.
Trustee signature: ______________________________
Printed name and capacity: [NAME / CAPACITY]
Date: [__/__/____]
Contact for questions or records requests: [NAME / ADDRESS / TELEPHONE / EMAIL]
10. Optional receipt acknowledgment
I acknowledge receiving this accounting on [__/__/____]. My signature records receipt only; it does not approve transactions or release any claim.
Recipient signature: ______________________________
Printed name: [NAME]
Sources and References
- SDCL § 55-2-13: https://sdlegislature.gov/api/Statutes/Statute/55-2-13
- SDCL § 55-2-14: https://sdlegislature.gov/api/Statutes/Statute/55-2-14
About this template
- Last updated
- October 2, 2026
- Citations checked
- October 2, 2026
- Jurisdiction
- South Dakota
- Category
- Estate Planning & Wills
Legal authority
- SDCL § 55-2-13 (qualified-beneficiary notice and requested information, subject to terms and directions)
- SDCL § 55-2-14 (revocable-trust information duties)
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 2, 2026.
SDCL § 55-2-13 (checked October 2, 2026): "Notify the qualified beneficiaries of the trust's existence and of the right of the qualified beneficiary to request a copy of the trust instrument pertaining to the qualified beneficiary's interest in the trust within sixty days after the trustee has accepted trusteeship of the trust, or within sixty days after the date the trustee acquires knowledge that a formerly revocable trust has become irrevocable;"
SDCL § 55-2-13(2)(c) (checked October 2, 2026): "Promptly respond to a qualified beneficiary's request for information related to the administration of the trust, unless the request is unreasonable under the circumstances."
SDCL § 55-2-14(2) (checked October 2, 2026): "Unless otherwise provided in the trust instrument, does not have a duty to inform a trust beneficiary of the trust and its administration, other than the settlor or, if the trustor is an incapacitated person, the trustor's designated agent"
SDCL § 55-2-13(2) (checked October 2, 2026): "Except as otherwise provided by the terms of a trust instrument governing an irrevocable trust or otherwise directed in writing by the trustor, trust advisor, or trust protector, the trustee shall:"
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