A Case Study: Why You Need a Specialist Trust Accountant

A professional trust accountant in a checkered shirt performing expert trust accounting services, reviewing forms and having coffee.Whether you are a trustee or a trust litigation lawyer, working with an expert trust accountant ensures professional accounting that complies with the probate code. Expert trust accounting is essential to the well-being and peace of mind of everyone involved. This accounting requires specially honed skills and extensive experience. Nothing illustrates this better than a real-life trust accounting example where a professional trust accountant’s expertise was a compass that helped navigate the complexities of the probate court. Explore a case study from our firm to learn more:

A Trust Accounting Example: Why You Need a Trust Accountant

Years ago, a litigation attorney appeared in court with a trust accounting prepared by a professional CPA in the San Diego area that covered the period from 2008 to 2012.

Equipped with this accounting, the attorney was confident that it would be accepted by the probate court and that the process would be smooth. After all, a professional CPA performed the services, and this attorney trusted their expertise. What could go wrong?

This attorney expected smooth sailing, not troubled waters. Little did they know, choppy waters lay ahead in the wake of the CPA’s inexperience in probate matters.

Unfortunately, the probate court rejected this accounting, along with the subsequent two performed by the same CPA. Frustrated, the attorney turned to Marcia L. Campbell for a second opinion, and after reviewing the accounting, the issue was clear:

The accounting conducted by this CPA was prepared using the standards of the American Institute of CPAs (AICPA) for business financial statements when it should have been performed in compliance with the rules and regulations of the Probate Code.

“I had to explain that trust accounting gives detailed, specific information and adheres to an entirely different format than business accounting,” Marcia elaborated, “At the end of the day, it is important to remember that they are entirely different animals.”

Fortunately, for a professional trust accountant like Marcia, re-doing the accounting per the probate code was a breeze, and her expert trust accounting ensured that the next time the attorney showed up to court, he was ready.

The courts accepted the accounting Marcia prepared, which lifted an enormous weight off the attorney’s and trustee’s shoulders, renewed their confidence in the courtroom and avoided even more unnecessary expenses.

Do You Need an Expert Trust Accountant? We Can Ensure Smooth Sailing

As this trust accounting example demonstrates, this type of accounting is complex and requires considerable experience and expertise. Failing to work with a professional trust accountant can not only prolong the process, but it can result in added costs and significantly more stress.

At Marcia Campbell, we have been successful in answering the probate attorney’s questions, performing expert trust accounting, and getting them through the court system. If you need any help with probate accounting, contact us to schedule a consultation.

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