General information, not legal advice
What to write down
Many trustees are family members doing this for the first time. A good record is simple: what happened, when, how much, who, and why. Here is what a daybook usually holds, and what Ohio’s trust code says about records.
The words of the law (Ohio)
Ohio adopted its trust code in Chapters 5801 to 5811 of the Revised Code. Two sections speak about records and reports. They are quoted here exactly; read the whole sections at the links, and remember that other states’ laws, and your trust’s own terms, may differ.
“A trustee shall keep adequate records of the administration of the trust.”
“A trustee shall keep the current beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests.”
Section 5808.13(C) goes on to describe a yearly report to current beneficiaries “of the trust property, liabilities, receipts, and disbursements, including the source and amount of the trustee’s compensation, a listing of the trust assets, and, if feasible, the trust assets’ respective market values.” Whether and how that applies to your trust is a question for a lawyer. Trustee Daybook’s summary simply sorts your own entries under those same plain headings, so the raw facts are easy to hand over.
What a daybook usually holds
- Money in. Each deposit: the date, who paid, how much, and what it was (rent, interest, a sale, a refund).
- Money out. Each payment: the date, who was paid, how much, and what for. Payments to a beneficiary and your own compensation are kept apart from expenses.
- Transfers. Money moved between the trust’s own accounts. Listed so the bank statements match, never counted as in or out.
- Holdings and debts. What the trust owns and owes, where it is held, and a value with the date you took it from (a statement, a county value, an appraisal).
- Notices. Every letter, email or report to a beneficiary: when, to whom, how it was sent.
- Decisions. What you decided and why, in your own words, on the day you decided it.
- Calls, meetings and documents. Who you spoke with, what you received or signed, and where you filed it.
Good habits
- Write the entry the same day. A daybook marks anything written more than 30 days after the fact.
- Never type a full account number, password or Social Security number. “Savings ending 4471” is enough.
- Keep the paper: receipts, statements and copies of letters belong in a folder. The daybook says where.
- When unsure what the trust or the law requires, stop and ask a lawyer before acting, then write down what you were told.
This page is general information about keeping records. It is not legal, tax or financial advice, and it does not describe the duties of any particular trustee.