The time has come to follow through with your duties as a trustee. In the coming weeks, you will need to distribute the final income amounts to the beneficiaries, pay the last expenses, and file the final tax returns. 
Although this process may take some time, the road ahead does not have to be daunting. Marcia Campbell, CPA has helped many people prepare a trust’s final accounting.
Once you are done with the final accounting, below are the last steps that you should take to complete this important responsibility.
Two Things to Do After the Final Accounting
1. The Final Tax Return
Depending on whether the trust earned more than $600 in income, you may need to file a final tax return on it. If it is more than $600, it is mandatory. Otherwise, if it is less than $600, then it is not required.
Related Article: How to File a Final Tax Return After Someone Dies
2. Update Beneficiaries of the Termination of the Trust
Once the final accounting has come to a close, you should send a final accounting consisting of expenses, income and distributions of assets as well as a letter to the trust beneficiaries to keep them in the loop regarding what the trust took in and how you spent or distributed trust assets. In the letter, you can let the beneficiaries know that all the expenses and taxes are paid and the property has been distributed; therefore, the trust no longer exists.
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