California Fiduciary Accounting (§1061 Format)

How Summafolio formats it

Accountings for California are formatted to the structure of: California account (Probate Code §§1060-1064).

Summary of account in the charges/credits format of Prob. Code §1061(b), with supporting schedules required by §1062 and, where applicable, §1063.

Sources:

Cal. Prob. Code §§1060-1064
Cal. Prob. Code §16063 (trustee accounts)
Cal. Prob. Code §10800 (statutory compensation)
Cal. Rules of Court, rule 7.575
Principal and income: Cal. Prob. Code §16320 et seq. (Uniform Fiduciary Income and Principal Act)

Notes:

Conservatorship and guardianship accounts (Prob. Code §2620) must include the Judicial Council summary form GC-400(SUM) or GC-405(SUM), and simplified accounts must use GC-405(A) and GC-405(C) (rule 7.575(e)). The other GC-400 schedules are optional, but an account must present the same categories, information and general format. For those matters we produce the supporting schedules and totals to transfer onto the Judicial Council forms.
Trust accounts under §16063 must also include the statement of the beneficiary's right to petition and the limitations notice where applicable (§16460).

The format: charges and credits

California is unusual. Instead of a simple "receipts minus disbursements" statement, every account filed with a California court opens with a summary of account in charges-and-credits form (Prob. Code §1061). The fiduciary is charged with property on hand at the start (or the inventory and appraisal for a first account), receipts and gains on sales, and credited with disbursements, losses, distributions and property on hand at the end. Total charges must equal total credits, and property on hand is stated at its carry value. The chapter that contains §1061 governs all accounts filed with the court (§1060).

Each summary line is supported by a schedule. Section 1062 lists them: receipts; disbursements; net income or loss from a trade or business; gains and losses on sales; distributions (at carry value); and property on hand at the end. Section 1063 adds schedules when they apply, among them estimated market value of assets on hand, changes in the form of assets, liabilities and a proposed distribution. The petition or report filed with the account must also cover the items in §1064, such as compensation paid and any family or affiliate relationship with agents hired.

Who accounts, and when

Trustees. A trustee accounts at least annually, at termination and on a change of trustee, to each beneficiary to whom income or principal is required or authorized to be distributed (§16062). Exceptions include a revocable trust while it is revocable (§16069) and written waivers (§16064). The account's contents, including the right-to-petition and three-year limitations statements, are in §16063.
Personal representatives. An estate account is a financial statement plus a report of administration (§10900). The court may order one at any time (§10950), and distributees can waive the account in writing (§10954).
Conservators and guardians. One year after appointment, then at least every two years (§2620), on the Judicial Council forms. See below.

Court forms for conservatorships

For conservatorship and guardianship accounts, Cal. Rules of Court, rule 7.575 makes the summary form, GC-400(SUM) or GC-405(SUM), mandatory in every accounting, and requires GC-405(A) and GC-405(C) in simplified accountings. The other standard schedules are optional, but the account must present the same categories, information and general format. Summafolio produces schedules and totals to carry onto those forms; it doesn't fill in the Judicial Council PDFs. The GC-400 guide walks through the schedules.

Statutory compensation

For decedents' estates, the personal representative's fee and the attorney's fee are each a percentage of the estate's value: 4% of the first $100,000, 3% of the next $100,000, 2% of the next $800,000, 1% of the next $9 million, 0.5% of the next $15 million, and a reasonable amount above $25 million (§10800, §10810). The base is the inventory value plus gains on sales and receipts, less losses. Summafolio shows the computation tier by tier; extraordinary compensation is for the court.

Principal and income

California adopted the Uniform Fiduciary Income and Principal Act, effective January 1, 2024 (§16320 et seq.). Where the trust has separate income and remainder beneficiaries, the schedules split each item between the two.

Frequently asked questions

Does a trustee's account have to be filed with the court?

No. A §16062 account goes to the beneficiaries. It is filed only if someone petitions to settle it under §17200, and then it follows §1060 and the following sections.

What is "carry value"?

The value at which an asset entered the account: its inventory value, or its cost if it was bought later. Gains and losses are measured against it.

Can I use the GC-400 schedules for a trust?

They're written for conservatorships and guardianships. A trust account follows §§1060–1064 directly; the template and the sample show that layout.

Samples and next steps

Sample: California trust account17-page PDF and Excel workbook from a fictional matter.
Guide: California Trust Accounting: What a §1061 Account Must ShowPlain-English explanation with citations.
Guide: California Probate Accounting: Estate Accounts ExplainedPlain-English explanation with citations.
Guide: GC-400 Conservatorship Accounting: Forms and SchedulesPlain-English explanation with citations.
Free template: California trust accounting templateBlank PDF and Excel. A template, not a court form.
PricingOne price per accounting, every export included.
How it worksFrom statements to a reconciled accounting.
All states and formatsCompare the 14 state formats and the uniform format.

Other states

No court has approved or endorsed Summafolio. Accountings are formatted to the structure of the sources cited above, and some courts require their own forms or local rules. This page is general information, not legal advice. Confirm the current requirements with the statute, your court and an attorney licensed in your state.

California fiduciary accounting format