If you are managing money for someone else, whether as a trustee, conservator or executor it is very important to keep good records. You may be held accountable to the Court or other interested parties for the work you are doing and your job will be easier if you have good records. In addition to keeping bank statements and receipts of expenditures, keep notes about transfers, withdrawals and deposits that you make between different accounts. These can be difficult to recreate down the road.
Keeping up with your record keeping duties and filing all accounts in a timely manner are all part of your responsibilities as a fiduciary. You can also hire an accountant or an attorney to assist you with this work.
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