A trustee is not required to but may file an accounting of the trustee’s administration of a trust in the Chancery court at any time and seek a partial or final settlement of the trust.

On petition of an interested party, the Chancery Court may order a trustee to provide an accounting of the administration of the trust and require a partial or final settlement of the trust. Notice of such judicial proceeding shall be provided to the trustee and each beneficiary, or representative thereof.

The accounting itself must:

(1) Identify the trust, the trustee furnishing the accounting, and the time period covered by the accounting.
(2) Show all receipts and disbursements occurring during the accounting period. Gains and losses realized during the accounting period must also be shown.
(3) To the extent feasible, identify and value trust assets on hand at the close of the accounting period. For each asset or class of assets reasonably capable of valuation, the accounting shall contain two (2) values, (A) the asset acquisition value or carrying value, and (B) the estimated current value, if feasible. The accounting must identify each known noncontingent liability with an estimated current amount of the liability if known.
(4) To the extent feasible, show the significant noncash transactions affecting the assets of the trust, including name changes in investment holdings, adjustments to carrying value, or stock splits.
(5) Reflect the allocation of receipts and disbursements between income and principal when the allocation affects the interest of any beneficiary of the trust.

Any order or judgment of the court on such accounting and partial or final settlement shall be final and conclusive as to all matters occurring during the accounting period, and appeals therefrom shall and must be taken in the manner provided for from any other final judgment of the court.