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.
New Hampshire Demand for Accounting from a Fiduciary: Ensuring Transparency and Accountability In the state of New Hampshire, the demand for accounting from a fiduciary, such as an executor, conservator, trustee, or legal guardian, plays a crucial role in safeguarding the interests of beneficiaries and protecting their financial assets. This detailed description will provide an overview of the importance of demanding accounting from these fiduciaries, as well as highlight different types of demands recognized in New Hampshire. Key terms: New Hampshire, demand for accounting, fiduciary, executor, conservator, trustee, legal guardian. 1. Executor's Demand for Accounting: When an individual passes away, their appointed executor takes on the responsibility of managing the deceased's affairs, including their assets, debts, and distributing the estate. In New Hampshire, beneficiaries or interested parties may demand accounting from the executor to ensure the proper administration and distribution of assets according to the decedent's wishes. 2. Conservator's Demand for Accounting: In situations where an adult lacks decision-making capacity, a conservator is appointed to manage their financial affairs and personal care. Beneficiaries or interested parties, concerned about the well-being and protection of the incapacitated person, can make a demand for accounting to ensure the conservator is acting in their best interests. 3. Trustee's Demand for Accounting: Trustees are entrusted with the responsibility of managing and distributing assets held within a trust for the benefit of designated beneficiaries. Beneficiaries may request an accounting from the trustee to verify that the trust assets are being prudently managed, accurately reported, and correctly distributed according to the terms of the trust. 4. Legal Guardian's Demand for Accounting: When a minor requires a legal representative to make decisions on their behalf, a legal guardian is appointed. Concerned parties or beneficiaries may demand an accounting to ensure that the guardian is fulfilling their role faithfully and managing the minor's financial assets and personal welfare appropriately. The demand for accounting provides an essential mechanism in New Hampshire for beneficiaries to exercise oversight on fiduciaries' actions, ensuring transparency, accountability, and the protection of beneficiaries' interests. By utilizing this legal process, interested parties can be assured that fiduciaries are acting in accordance with the law and fulfilling their obligations diligently. It is important to note that each type of demand may have specific requirements and procedures. Interested parties should consult New Hampshire's applicable statutes or seek legal advice to understand the precise details and steps involved in submitting a demand for accounting based on their specific circumstances. In conclusion, the demand for accounting from a fiduciary such as an executor, conservator, trustee, or legal guardian is paramount in upholding the principles of fairness, transparency, and accountability in New Hampshire. By demanding an accounting, beneficiaries protect their rights and help ensure the responsible management and distribution of assets entrusted to fiduciaries.
