Current as of November 2026. General information, not legal or tax advice.
Montana adopted the Montana Uniform Trust Code, Chapter 38 of Title 72, in 2013. Its reporting section ties the annual report to the trust's tax year, spells out how assets are valued, and gives beneficiaries access to tax returns. Montana's report-based limitation period is three years, longer than the uniform one year.
Who must provide an accounting in Montana
Section 72-38-813 applies unless the trust instrument specifically limits or waives its requirements. The trustee keeps the qualified beneficiaries reasonably informed about the administration and the material facts they need to protect their interests, and responds promptly to a qualified beneficiary's request for information reasonably necessary to enforce their rights or to prevent or redress a breach of trust.
On request, the trustee furnishes any beneficiary the portions of the trust instrument that describe or affect that beneficiary's interest. Within 60 days after accepting a trusteeship, the trustee notifies the qualified beneficiaries of the acceptance and of the trustee's name, address and telephone number. Within 60 days after learning that an irrevocable trust has been created, or that a revocable trust has become irrevocable, the trustee tells them of the trust's existence, the settlor's identity, and their rights to request the relevant portions of the instrument and a trustee's report. The 60-day notices do not apply to trusts accepted, created or made irrevocable before October 1, 2013.
The report goes at least annually, on a calendar or fiscal year basis consistent with tax reporting, and at termination, to the distributees or permissible distributees and to other qualified beneficiaries who request it. A qualified beneficiary may waive reports and later withdraw the waiver.
What a Montana trust accounting must contain
The report covers the trust property, liabilities, receipts and disbursements, including the source and amount of the trustee's compensation, and a listing of the trust assets. Market values are reported, if feasible, for cash, securities and other investments as of the last business day of the year or fiscal period where the value is readily ascertainable or publicly traded. No appraisal is required for real estate, closely held businesses or other property without a readily ascertainable value. On request, a qualified beneficiary also receives copies of any income, estate or transfer tax returns relevant to the administration.
When a Montana accounting is contested
Section 72-38-1005 bars a proceeding for breach of trust more than three years after the beneficiary was sent a report that adequately disclosed the potential claim and told the beneficiary how long they had to bring it. Otherwise, the outer limit is five years from the first of the trustee's removal, resignation or death, the end of the beneficiary's interest, or the end of the trust.
How T.E.A. Fiduciary helps
We prepare Montana annual and termination reports under section 72-38-813 on the trust's tax year, with the valuation detail the statute specifies and the disclosure and deadline notice that start the section 72-38-1005 period. We work alongside your attorney and your tax preparer; we do not prepare tax returns.
This page provides general information about Montana fiduciary accounting requirements and is not legal or tax advice. Statutes and court rules change. Verify the current text before relying on any of it, and consult counsel on questions of legal interpretation.
More: the uniform framework · all state pages · our services
Primary source: Montana Code Annotated Title 72, Chapter 38 (Montana Uniform Trust Code), Montana Legislature.
Written by Christina Gutman, C.P.A. — Founder and Principal of T.E.A. Fiduciary. Christina is licensed as a Certified Public Accountant by the State of California and has specialized exclusively in fiduciary accounting for over a decade, preparing trust, estate, and conservatorship accountings for law firms, professional fiduciaries, trust companies, family offices, and individual trustees nationwide. She has also served as a forensic consultant in contested accounting matters. More about Christina
