Texas HB3405 amends the Property Code to revise the contents of a trust accounting statement.

Texas HB3405 amends the Property Code to revise the contents of a trust accounting statement. The bill requires a written statement of accounts to include all trust property, a complete account of receipts and disbursements, a listing of all property being administered, the cash balance on hand, and all known liabilities owed by the trust. It also allows the court to compel the trustee to allocate certain receipts and disbursements to principal or income if good cause is shown.

Texas HB3405 amends the Property Code to revise the contents of a trust accounting statement.

Texas HB3405 amends the Property Code to revise the contents of a trust accounting statement. The bill requires a written statement of accounts to include all trust property, a complete account of receipts and disbursements, a listing of all property being administered, the cash balance on hand, and all known liabilities owed by the trust. It also allows the court to compel the trustee to allocate certain receipts and disbursements to principal or income if good cause is shown.