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.
Minnesota Petition to Require Accounting from Testamentary Trustee
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How to fill out Petition To Require Accounting From Testamentary Trustee?
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A trustee of a trust is legally responsible to manage the trust in ance with the terms of the trust document. A trustee can be an individual, a corporate trustee, or a combination of both.
As a beneficiary, you have the right to: Receive the distributions outlined in the trust document. Be informed about the timing and method of distributions. Challenge any improper distributions or denials of distributions.
The trust can pay out a lump sum or percentage of the funds, make incremental payments throughout the years, or even make distributions based on the trustee's assessments. Whatever the grantor decides, their distribution method must be included in the trust agreement drawn up when they first set up the trust.
(3) "Court supervision under the Probate Code" under (b) means and refers to the court's authority to require prior court approval or subsequent confirmation of the actions of the trustee as for the actions of a guardian or conservator of the estate under division 4 of the Probate Code (Prob. Code, § 1400 et seq.).
So, now you know that the Trust Maker holds the most power before the Trust is established, but the Trustee holds the most power after the Trust is established.
Trustees generally do not have the power to change the beneficiary of a trust. The right to add and remove beneficiaries is a power reserved for the grantor of the trust; when the grantor dies, their trust will usually become irrevocable. In other words, their trust will not be able to be modified in any way.