Short answer. Both. A trustee must render upon oath at least once a year until his trust is fulfilled... a true account of the property in his hands, unless excused by the court that year, and separately settle accounts with the court when the trust finally expires.
What the law says
he will render upon oath at least once a year until his trust is fulfilled, unless he is excused therefrom in any year by the court, a true account of the property in his hands and of the management and disposition thereof
Rule 98, Section 6 — Conditions included in bond. Read the full provision →
The recurring annual accounting duty
One of the conditions deemed built into a trustee's bond is a yearly accounting obligation: the trustee must render, under oath, at least once a year until his trust is fulfilled, a true account of the property in his hands and how it has been managed and disposed of. This is a recurring duty, not a one-time event — it repeats annually for as long as the trust continues.
The court can excuse a particular year, but that is the only escape
The annual requirement is not absolute in every single year: it applies unless he is excused therefrom in any year by the court. Absent that specific excuse from the court for a given year, the yearly accounting obligation stands. The rule also allows the court to order such other accounts beyond the annual one, so the yearly filing is a floor, not a ceiling.
A separate, final accounting when the trust ends
Apart from the recurring annual accounts, the trustee has a distinct obligation at the end of the trust: at the expiration of his trust he will settle his accounts in court and pay over and deliver all the estate remaining in his hands to whoever is entitled to it. This final settlement is its own separate condition, not a substitute for the annual accountings along the way.
Why both requirements exist together
The annual accounting gives the court and interested parties ongoing visibility into how the trustee is managing the property while the trust is active, while the final settlement closes out the trust and confirms what is actually being handed over at the end. One does not replace the other — a trustee who only reports at the very end has not satisfied the separate, recurring duty the rule imposes along the way. A trustee who skips the yearly filings without ever obtaining the court's excuse for that particular year has failed a distinct obligation, even if the eventual final accounting turns out to be accurate and complete in every respect.