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.
Kentucky Petition to Require Accounting from Testamentary Trustee
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All creditors that wish to be paid from the estate are required to file a claims against the estate within 180 days (6 months) from the date the personal representative is appointed. Valid debts can be paid after the six months are up.
Kentucky has a lenient time requirement for probate. ing to the Kentucky Revised Statutes 395.010, it must be completed within 10 years after the person's death. However, it is better to file soon after the person's death and to complete the probate process as quickly as possible.
There are situations when a beneficiary will request that the executor or trustee provide an accounting. This may be a formal or informal accounting, depending on the request. Regardless, the fiduciary has a responsibility to provide an accounting when requested. It's preferable to provide an informal accounting.
You are responsible for maintaining and protecting any and all of the deceased's business interests, personal property, legal affairs, his or her personal residence, vacation home(s), timeshare(s) and other interest(s). Along with taking inventory, you may very well need to obtain appraisals for certain items.
In general, beneficiaries do have the proper to request data about the estate, inclusive of financial institution statements. However, the unique regulations and limitations on gaining access to bank statements may also range relying on the jurisdiction and the particular circumstances of the estate.
If the executor can sell the property for more than 90 percent of its appraised value then they do not need to get the permission of the beneficiaries or of the court.
As a beneficiary, you are entitled to review the trust's records including bank statements, the checking account ledger, receipts, invoices, etc. Before the trust administration is complete, it is recommended you request and review the trust's records which support the accounting.