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.
Mississippi Demand for Accounting from a Fiduciary such as an Executor, Conservator, Trustee, or Legal Guardian is a legal document that allows beneficiaries or interested parties to request a detailed financial report from the individual acting as a fiduciary in the administration of an estate, conservatorship, trust, or guardianship. This demand serves to ensure transparency and accountability in the management of the assets and finances entrusted to the fiduciary. In Mississippi, there are various situations where a demand for accounting may be applicable, and they include but are not limited to: 1. Executor Accounting: When a person named as an executor in a will is responsible for managing the assets and distributing them according to the terms of the will. 2. Conservator Accounting: When a conservator is appointed by the court to manage the assets and finances of an incapacitated individual known as the "ward." 3. Trustee Accounting: When a trustee is responsible for administering a trust, ensuring that the assets within the trust are properly managed and distributed to the beneficiaries. 4. Legal Guardian Accounting: When a legal guardian is appointed by the court to manage the personal and financial affairs of a minor or an individual unable to manage their affairs. The demand for accounting typically includes specific information to be included in the report, such as: 1. Identification: Clearly stating the name and contact details of the person making the demand and their relationship to the estate, trust, conservatorship, or guardianship. 2. Reference: Providing references to the relevant legal documents, such as the will, trust agreement, conservatorship order, or guardianship appointment. 3. Time Period: Specifying the time period for which the accounting is requested (e.g., from the date of appointment until the present date). 4. Assets: Requesting a detailed list of assets held by the fiduciary, including their current value, any changes, and acquisitions or disposals. 5. Income and Expenses: Requiring a comprehensive breakdown of all income received, such as interest, dividends, or rents, as well as all expenses incurred, including administration costs and fees paid to professionals. 6. Investments: Disclosing any investment activities undertaken by the fiduciary, including the purchase or sale of securities, real estate, or other assets. 7. Distributions and Disbursements: Outlining all distributions made to beneficiaries or any disbursements made on behalf of the estate, trust, conservatorship, or guardianship. 8. Account Statements: Requesting copies of bank statements, brokerage statements, and any other financial records relevant to the administration. It is important to note that the specific requirements and procedures for demanding accounting from a fiduciary in Mississippi may vary depending on the nature of the fiduciary relationship and the applicable state laws. Seeking legal advice or consulting relevant statutes is recommended to ensure compliance with the applicable legal requirements.
