How to Produce Annual Trust Accounts - dummies However, a trustee must create a trust account for every year of the trust’s existence. This account traces all the activity in the trust from the ending balances of last year’s account to the closing balances at this year’s end. This information will be communicated to the trust’s beneficiaries and the 18+ Trust Agreement Templates – PDF, Word Thus, setting trusts should at least be an option. You may also like participation agreement templates. What is a Trust? A trust is a legal agreement by three parties that allows you as the “trustor” to transfer your property and assets to your beneficiaries. Beneficiaries can be individuals, businesses, or a non-profit organization whose causes you support.