An accounting by a fiduciary usually involves an inventory of assets, debts, income, expenditures, and other items, which is submitted to a court. Such an accounting is used in various contexts, such as administration of a trust, estate, guardianship or conservatorship. Generally, a prior demand by an appropriate party for an accounting, and a refusal by the fiduciary to account, are conditions precedent to the bringing of an action for an accounting.
Colorado Demand for Accounting from a Fiduciary such as an Executor, Conservator, Trustee, or Legal Guardian is a legal procedure that allows interested parties to request a detailed account of financial transactions and actions carried out by the fiduciary on behalf of an estate, trust, or protected person. Keywords: Colorado, Demand for Accounting, Fiduciary, Executor, Conservator, Trustee, Legal Guardian, financial transactions, actions, estate, trust, protected person. Types of Colorado Demand for Accounting from a Fiduciary 1. Executor's Demand for Accounting: In the context of an estate, an executor is appointed to handle the administration and distribution of assets upon someone's death. An interested party, such as a beneficiary, may file a demand for accounting with the probate court to obtain a comprehensive report of the executor's financial activities and actions relating to the estate. 2. Conservator's Demand for Accounting: When a person is deemed unable to manage their affairs, a conservator may be appointed by the court to handle their financial matters. Interested parties, such as other family members or beneficiaries of the protected person, can file a demand for accounting to ensure transparency and accountability of the conservator's management of the protected person's finances. 3. Trustee's Demand for Accounting: In the case of a trust, the trustee is responsible for managing and distributing trust assets according to the terms of the trust document. Beneficiaries or interested parties can request a demand for accounting to review the trustee's financial decisions, transactions, and disbursements associated with the trust. 4. Legal Guardian's Demand for Accounting: If a person lacks the capacity to make personal, medical, or financial decisions, a legal guardian may be appointed to act in their best interest. Interested parties, typically family members or individuals concerned with the protected person's welfare, can file a demand for accounting to review the legal guardian's financial actions and ensure that they are acting in the protected person's best interest. Colorado Demand for Accounting provides a mechanism to ensure transparency and prevent any potential mismanagement or misappropriation of assets by fiduciaries. Filing a demand for accounting empowers interested parties to obtain a detailed report of financial activities and actions carried out by the fiduciary, allowing them to evaluate whether the fiduciary properly fulfilled their duties and obligations.
