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Records · 5 min lekti
What the statute provides
A trustee keeps adequate records of the administration of the trust, keeps trust property separate from the trustee's own property, and — except where the trustee keeps records clearly showing the interests of two or more trusts invested as a whole — causes the trust property to be designated so that the trust's interest, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary (A.R.S. § 14-10810). Trust property is not subject to the trustee's personal obligations, even in the trustee's insolvency (§ 14-10507) — a protection that depends on the separation being real.
The report that rests on the record
The trustee's report — the trust property, liabilities, receipts and disbursements, including the source and amount of the trustee's compensation, and the listing of the assets with their market values if feasible (A.R.S. § 14-10813(C)) — is the ledger and the asset list for the period. Receipts and disbursements are allocated between income and principal under the principal and income article (§ 14-7401). A report that adequately discloses a potential claim and states the time allowed starts a one-year period for the beneficiary's claim (§ 14-11005(A), (B)); a report that cannot be reconstructed from the record cannot disclose anything.
Practical habits
Open the trust's own accounts and pay trust expenses only from them. Keep every statement, receipt and invoice as it arrives, and record each transaction with its date, payee or payor, amount, and whether it is income or principal. Record each notice sent — to whom, when and how — and each request and response. Keep the time and tasks behind any compensation, and the basis of each expense reimbursed (A.R.S. § 14-10709). Keep the deeds and the account titles beside the asset list, with each asset's character as community or separate property where the settlor was married.
Lwa yo, mo pou mo
Reimbursement of expenses
A.R.S. § 14-10709 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Record keeping and identification of trust property
A.R.S. § 14-10810 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Duty to inform and report
A.R.S. § 14-10813 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Limitation of action against trustee
A.R.S. § 14-11005 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Kesyon moun poze souvan
What records does an Arizona trustee have to keep?
Adequate records of the administration of the trust, with trust property kept separate from the trustee's own and designated so that the trust's interest appears in a third party's records where feasible (A.R.S. § 14-10810).
Can an Arizona trustee use a personal account for trust money?
The statute has the trustee keep trust property separate from the trustee's own property and designated so that the trust's interest appears in the holding institution's records (A.R.S. § 14-10810(B), (C)).
How long should an Arizona trustee keep the records?
The Arizona Trust Code sets no retention period; a beneficiary's claim may be brought up to two years after the trustee leaves office, the beneficiary's interest ends or the trust ends (A.R.S. § 14-11005(C)), which is the period most trustees plan around.
Lekti ki gen rapò
Sant Aprantisaj la se enfòmasyon jeneral sou lwa Arizona — se pa konsèy legal, e li pa ranplase konsèy yon avoka Arizona ki gen lisans sou reyalite pa ou. TrusteeClear se yon lojisyèl, pa yon kabinè avoka.