What must a trustee or escrow agent provide annually for revocable trusts?

Providing an annual statement that includes the original deposit, ending balance, interest, debits, and credits is essential for maintaining transparency and accountability within revocable trusts. This detailed financial report allows beneficiaries, and the grantor if they are still alive, to understand the financial status of the trust. Since revocable trusts are often used to manage assets during a grantor's lifetime, keeping all parties informed about the trust's financial activities is crucial. It ensures that all transactions are documented and enables beneficiaries to monitor income and distributions accurately.

While there may be other documentation related to trusts, such as tax statements or investment strategies, the requirement for detailed financial reporting specifically centers on the transactional and balance information, making it vital for both legal compliance and trust management. This financial accountability can help prevent disputes and fosters trust among the involved parties.