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Are you a trustee for an Ohio trust? If so, you may need to provide your trust beneficiaries with an annual report as now required under the Ohio Trust Code. The first reports are due for calendar year 2007.


An annual report must be provided to each "current" beneficiary of the trust. A current beneficiary is a person receiving distributions or permitted to receive distributions of trust income or principal. In addition, you may be required, as the trustee, to give reports to beneficiaries other than current beneficiaries, if requested.
 

The annual report does not have to be in any certain format, but must include 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" (section 5808.13(C) of the code).


Please ask your Rea advisor if, as trustee, you need guidance on fulfilling this new reporting obligation.


-By Inez Bowie, CPA (Marietta office)


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